The $DRAM ETF recorded its first capital inflow in 30 days (+$17M) right at the peak of the capitulation. After a month of panic and a net outflow of $2.65B, "smart money" began buying the dip. Throughout the month, the memory sector was sold off due to profit-taking and fears surrounding hyperscalers’ CapEx. The fund’s key holdings experienced a deep correction: • $MU: −16.9% • $SNDK: −33.8% • $SKHY: −19.0% • Samsung Electronics: −17.0% The outflow of funds is weeding out "weak hands." However, a 35% decline in stock prices presents an excellent opportunity to accumulate assets that will continue to grow in 2027. The structural shortage of HBM4 and server SSDs persists, while forward multiples have contracted to multi-year lows. I expect that, barring a new "Black Swan" event, November will see a return of liquidity and a technical rebound in DRAM prices of +15–20%.
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