EL7.AI
CryptoUpdated•Originally published 22 July 2026•Updated 22 July 2026•
1 min read

Tom Lee: AI Capital Shifting from Memory Stocks to Ethereum

Key Facts

1Tom Lee, co-founder of Fundstrat, believes investor capital is shifting from AI memory-chip stocks to Ethereum.
2BlackRock's iShares Ethereum Trust ETF (ETHA) outperformed the Roundhill DRAM ETF by 72 percentage points between June 25 and July 21.

Amid shifting strategies in tech investment, Tom Lee, co-founder of Fundstrat, observes that AI-driven capital is rotating from memory-chip stocks toward Ethereum. According to reports, Lee posits that Ethereum serves as the decentralized backbone for the second wave of AI investment, signaling a transition in investor focus from hardware components to decentralized infrastructure layers.

This rotation is evidenced by significant performance gaps in institutional products, where BlackRock's iShares Ethereum Trust (ETHA) outperformed Roundhill DRAM ETFs by 72 percentage points between June 25 and July 21. Per market data and analyst findings, this trend suggests a strategic reallocation of liquidity away from traditional semiconductor hardware in favor of digital assets that underpin AI ecosystems.

Regarding market levels, the ETHA instrument stood at $14.53 at the close of July 21, 2026. Investors are closely monitoring whether this capital rotation persists, especially following recent economic data such as the U.S. Producer Price Index, which recorded a -0.3% monthly change in mid-July, potentially impacting broader risk appetite for both tech equities and crypto assets.

Latest Updates · 1

  1. Notable·

    Update: Recent data quantifies the performance gap, with Ethereum gaining 24% over a one-month period while the Roundhill Memory ETF (DRAM) faced selling pressure leading to a 38% decline. these figures reinforce the thesis of liquidity exiting the memory hardware sector in favor of digital assets.