The meteoric rise of the Roundhill Memory ETF (DRAM) has become the definitive “poster child” for the 2026 AI infrastructure boom. Launched on April 2, the fund has shattered industry records, reaching $6.5 billion in assets under management (AUM) in under six weeks. That’s a pace faster than the historic launches of spot Bitcoin ETFs earlier in the decade.
However, for those with a sense of market history (raising my hand as I type with the other one), the current vertical ascent is beginning to look less like a structural shift and more like the final, parabolic phase of the 1999-2000 Nasdaq Index ($NASX) bubble.
