South Korean memory chipmaker SK Hynix became the latest industry titan to top $1 trillion in market capitalization, as AI-driven demand propelled a sector-wide boom.

Fellow Korean giant Samsung and semiconductor maker Micron also recently crossed the threshold, the latter just yesterday, while an exchange-traded fund of AI chipmakers has increased 87% in value in the seven weeks since it launched.

Seemingly unyielding hunger for AI hardware has driven some analysts to predict a structural upswing in memory chip stocks, a major shift for an industry that has historically seen wild volatility in both demand and stock price. Not everyone is convinced, though: “A leopard does not often change its spots,” one fund manager told CNBC.