A memory system comprising memory modules including memory chips stacked with switching circuits. A memory controller coupled to the memory modules is configured to initiate memory accesses. When a stacked switching circuit detects the memory access, the switching circuit routes the access to another memory module if the access is not directed to a memory chip of the receiving memory module, or processes the access locally if the access is directed to a memory chip of the receiving memory module. The memory controller and memory modules are coupled via bi-directional serial links. Each memory module may include multiple stacked switching circuits, each of which may be coupled to fewer than all of the memory chips within the memory module. Switching circuits further include circuitry configured to de-serialize data prior to conveyance to a memory chip, and serialize data received from a DRAM chip prior to transmitting the received data. Switching circuits may be coupled to a stacked memory chip via a flexible interconnect, and may also be manufactured side by side with a corresponding memory chip on a flexible circuit board.