Tom Lee Says AI Capital Is Rotating From Memory Stocks to Ethereum

Tom Lee, co-founder of Fundstrat and chairman of Ethereum treasury firm BitMine, believes investor capital is shifting from AI memory-chip stocks to Ethereum. In a recent post on X, Lee shared a chart showing BlackRock’s iShares Ethereum Trust ETF (ETHA) outperforming the Roundhill DRAM ETF by 72 percentage points between June 25 and July 21.

According to Lee, Ethereum gained 24% during the period, while the DRAM ETF declined 38%. The ratio between ETHA and the memory-focused fund rose from 100 to 172, signaling what Lee described as strengthening relative performance for Ethereum over AI memory stocks.

The Roundhill DRAM ETF, launched in April, is the first exchange-traded fund dedicated exclusively to memory chipmakers. Major holdings include SK Hynix and Samsung Electronics, which together account for roughly 41% of the portfolio. The ETF attracted $6.5 billion in assets within its first 27 trading days, making it one of the fastest-growing ETF launches on record before retreating from its peak.

Ethereum, meanwhile, was trading near $1,921, up about 1.5% over the past 24 hours and nearly 11% over the last month. Even with its recent rebound, ETH remains approximately 61% below its all-time high of $4,946 reached in August 2025.

Lee argues that Ethereum’s strength is driven by growing institutional adoption rather than speculation. He points to BlackRock’s tokenized BUIDL fund and Robinhood Chain, both of which rely on Ethereum infrastructure, as examples of Wall Street increasingly building financial products on the network. He has also compared Ethereum’s long-term potential to Amazon’s early years before its explosive growth.

Support from major crypto investors has also continued, with BitMEX co-founder Arthur Hayes reportedly purchasing another $2.53 million worth of ETH.

However, the outlook for memory-chip stocks remains mixed. Jefferies expects memory prices to rise around 50% this quarter due to tight supply, while recent concerns over a potential supply glut pushed shares of SanDisk, Micron, and Seagate sharply lower.

Lee’s bullish Ethereum thesis also aligns with BitMine’s significant exposure, as the company reportedly holds 5.77 million ETH, representing about 4.8% of the total Ethereum supply. Investors will closely watch upcoming Ethereum ETF flows and memory-sector earnings to determine whether this capital rotation continues.