Key Takeaways:
The S&P 500 equal-weight index is outperforming its cap-weighted counterpart as AI demand broadens beyond mega-cap tech into memory chipmakers.
The S&P 500 equal-weight index is beating the market-cap-weighted benchmark in 2026 as AI infrastructure demand broadens into memory chipmakers Micron Technology Inc. and Samsung Electronics Co.
"Micron and Samsung are the most important chipmakers for AI's forward momentum," Ted Thatcher, market strategist, said in a June 29 interview.
Micron's stock has surged more than 700 percent in 2026, with some analysts projecting the shares could reach $1,500 as high-bandwidth memory supply constraints persist. Samsung has also benefited from rising demand for HBM chips used in AI data centers. The equal-weight S&P 500's outperformance points to a rotation away from the narrow leadership of mega-cap technology stocks that dominated the prior two years.
The broadening rally suggests the AI capital expenditure cycle is entering a new phase where memory and semiconductor supply chain companies capture a larger share of spending. This shift could sustain the equity advance beyond the handful of mega-cap stocks that drove it previously, potentially drawing inflows into equal-weight exchange-traded funds and cyclical technology positions.
Memory Chipmakers Take Center Stage
The Roundhill Memory ETF (DRAM) has drawn renewed attention after Micron reported better-than-expected quarterly results and SK Hynix Inc. unveiled new HBM products. The fund's concentrated exposure to SK Hynix, Samsung and Micron increases both upside potential and risk, with some analysts recommending small position sizes.
The shift toward memory chipmakers reflects a structural change in AI infrastructure spending. While Nvidia Corp. remains the primary beneficiary of AI compute demand, the memory and storage layer of the AI stack is now attracting a growing share of capital expenditure as data centers scale up training and inference workloads.
Thatcher's call comes as the three major U.S. stock indexes closed mixed on June 26, with technology stocks under pressure even as semiconductor names showed relative strength. The divergence between mega-cap tech and the broader market has been a defining theme of 2026, with the equal-weight S&P 500 gaining ground as investors rotate into value and cyclical positions.
This article is for informational purposes only and does not constitute investment advice.
