One of 2026’s biggest ETF success stories has taken a dramatic turn. The Roundhill Memory ETF (BATS:DRAM), which became the fastest-growing ETF debut on record after amassing more than $20 billion in assets within weeks of its April launch, has now entered bear-market territory. The fund has tumbled nearly 30% from its late-June peak, while top holding Micron Technology Inc (NASDAQ:MU) has fallen more than 21% over the same period, as investors reassess lofty valuations across the AI hardware trade. The pullback comes despite Micron’s blockbuster quarterly results and Samsung Electronics reporting record earnings, underscoring that strong fundamentals are no longer enough to satisfy a market demanding clearer returns on massive AI investments.
