AI workloads are hitting emerging bottlenecks.
And it's not compute. It's memory.
The GPU displaced the CPU. That was round one. Now AI infrastructure
is running into real constraints — and capital is following fast.
Leading independent research firm SemiAnalysis just put a number on it:
Memory is estimated to hit 30% of total hyperscaler capex in 2026. In
2023, it was 8%. That's a near 4x shift in four years.
Think about that. For every $100 going into AI infrastructure, about $30 is flowing to memory.
And according to a January 2026 research report from TrendForce, that number is estimated to go even higher in 2027.
This is what bottlenecks do. GPU was the choke point — then Nvidia rose more than 800% between January 2023 and June 2024.
Now memory is emerging as the new choke point.
That's exactly why we built HBMX — the Tuttle Capital Concentrated Memory Stack ETF.
Actively managed, pure-play exposure across the full memory ecosystem. Not a broad semiconductor basket. The memory layer.
That’s the play we’re positioning for next.
Matt
Disclosure
Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus and other information, please call (833) 759-6110. Please read the prospectus carefully before investing.
Investing involves risk, including possible loss of principal. There is no guarantee that the Fund will achieve its investment objective. Principal risks include: Market Risk; Semiconductor and Technology Industry Risk; Memory Semiconductor Risk (DRAM/NAND/HBM); Concentration Risk; Active Management Risk; Non-Diversification Risk—the Fund may invest a higher percentage of its assets in fewer issuers than a diversified fund; Derivatives Risk; Foreign Securities Risk; Micro-, Small-, and Mid-Capitalization Company Risk; ETF Trading Risk—shares may be bought and sold at market price, which may be above or below NAV; and New Fund Risk. The Fund has no operating history.
ETF shares are bought and sold at market price (not NAV) and are not individually redeemable from the Fund. Market price returns are based upon the midpoint of the bid/ask spread at 4:00 PM Eastern Time.
The Tuttle Capital Concentrated Memory Stack ETF (HBMX) is distributed by Foreside Fund Services, LLC, which is not affiliated with Tuttle Capital Management, LLC.
For a prospectus with this and other important information about the fund, please call (833) 759-6110.