Semiconductors
Thesis
AI servers use far more memory per system, and it is now a visible cost in the build-out. Hyperscaler capex guidance reflects higher component prices, especially memory chips. Tight supply keeps pricing and margins elevated while the build continues.
Risks
Memory is the most cyclical part of semiconductors, because high prices attract new supply and can reverse quickly. The basket is mostly Micron, and a pause in AI capex hits memory first. Figures as of November 2026.
| Asset | Underlying | Instrument | Role | Side | Weight | 24h price | On the book | |
|---|---|---|---|---|---|---|---|---|
 MU Robinhood | Micron MU · Technology SOXX7.7%QQQ4.4%XLK4.0%AIQ2.7% | B- Tokenized equity | core | Long | 72.00% | ▲+2.49% | +1.79% | |
 SNDK Robinhood | SanDisk SNDK · Technology QQQ0.8%XLK1.1% | B- Tokenized equity | core | Long | 10.00% | ▲+3.78% | +0.38% | |
STX STXon Ondo Global Markets | Seagate Technology Holdings PLC Ordinary Shares (Ireland) STX · sector n/a QQQ0.6%XLK0.9%AIQ1.2% | B+ Tokenized equity | core | Long | 10.00% | ▲+1.55% | +0.16% | |
WDC WDC Robinhood | Western Digital Corporation WDC · sector n/a QQQ0.6%XLK0.8% | B- Tokenized equity | core | Long | 8.00% | ▲+1.75% | +0.14% |
iShares Semiconductor ETF
28 constituents we could add · 1 not in the registry · 0 unresolved keys
Invesco QQQ Trust
Of the stored slice, not the whole fund. 75 constituents we could add · 1 not in the registry · 0 unresolved keys
Technology Select Sector SPDR Fund
71 constituents we could add · 0 not in the registry · 1 unresolved keys
Global X Artificial Intelligence & Technology ETF
Of the stored slice, not the whole fund. 56 constituents we could add · 6 not in the registry · 16 unresolved keys
None this week.