Micron, SanDisk, and SK Hynix Post Their Strongest Session in Weeks as Memory Stocks Rebound
Key Takeaways
- •SanDisk surged 11.9%, SK Hynix gained 8.1%, Micron rose 6.1%, and Western Digital climbed about 6% in Friday's broad memory-sector rally.
- •Global DRAM revenue rose 57% quarter on quarter in Q2 while NAND revenue jumped 70%, according to Barron's.
- •Micron has reportedly sold out its most advanced memory lines through the end of 2026, strengthening suppliers' pricing power.
- •UBS raised its HBM average selling price growth forecast to 79% year on year, while Bernstein lifted its SanDisk price target to $3,000 from $1,700.
- •YMTC's global NAND market share climbed to 14% in Q2 from 9% a year earlier, while SanDisk's share fell to 11% from 13%.
Memory Stocks Stage a Sharp Comeback
Memory stocks staged a sharp rebound on Friday, with Micron, SanDisk, and SK Hynix all posting large gains after weeks of declines. Micron Technology (MU) finished up 6.1%, SanDisk surged 11.9%, and SK Hynix gained 8.1%. Western Digital also climbed around 6%. The Roundhill Memory ETF closed 6.6% higher, underscoring that the buying was broad across the sector.
The rally came as investors rotated back into memory and data storage names, driven by strong AI hardware demand and tight supply conditions. The move also fits the sector’s well-documented boom-and-bust cycle: memory is a commodity-like business where pricing swings sharply between gluts and shortages, which is why investor sentiment on these names has historically turned quickly when supply-demand balances tighten.
AI Spending Is Keeping Memory Demand High
High-bandwidth memory (HBM) and NAND storage remain in short supply. AI data centre buildouts are continuing at a rapid pace, keeping pressure on inventory. HBM, a stacked form of DRAM designed to sit alongside AI accelerators like Nvidia’s, has become one of the most contested components in the AI supply chain, while NAND flash supplies the storage layer for the same buildouts.
Market commentary circulating ahead of the move reflected the building optimism. As one widely shared post put it:
The entire memory theme has spent the last 3 months coiling for this upcoming break. $MU , $SNDK , $DRAM , & $WDC are all setup extremely bullish. This upcoming move is going to be one that many will go back & say. “I wish I bought more”
Memory stocks are about to do it again… pic.twitter.com/UPFw1JsdLO
— Mike Investing (@MrMikeInvesting) September 4, 2026 (https://x.com/MrMikeInvesting/status/2095703864414458189?ref_src=twsrc%5Etfw)
Micron has reportedly sold out its most advanced memory lines through the end of 2026, giving top suppliers strong pricing power heading into the rest of the year.
Dell’s $95 billion AI server backlog was cited as direct evidence that major technology companies are buying every memory wafer producers can ship.
According to Barron’s, global DRAM revenue jumped 57% quarter on quarter in Q2, while NAND revenue surged 70%. Micron grew its DRAM market share to 24% and its NAND share to 15%.
Mizuho has described memory as a “key bottleneck” across the semiconductor supply chain and maintained an Outperform rating on Micron.
Nvidia disclosed $279 billion of supply and capacity commitments, primarily tied to memory and manufacturing, underlining how critical component availability remains for AI infrastructure.
Analysts Raise Targets and Estimates
UBS analyst Timothy Arcuri argued that concerns about AI chips requiring less memory per unit may be too simplistic. If Nvidia ships a greater number of accelerators, total HBM consumption can still rise even if each individual chip carries less memory.
UBS raised its HBM average selling price growth forecast to 79% year on year, up from 67%, and also pointed to improving NAND conditions as server and storage demand strengthens.
Lynx Equity issued upbeat notes calling for a multi-year memory shortage and assigned price targets of $1,325 for Micron and $2,450 for SanDisk.
Bernstein maintained an Outperform rating on SanDisk with a $3,000 price target, raised from $1,700 in late June. The firm lifted its fiscal 2027 earnings estimates on the back of stronger NAND average selling prices. Bernstein also highlighted SanDisk’s new long-term supply agreements, which include stronger pricing protections and upfront customer commitments.
One risk the market is watching is China. YMTC’s global NAND share reached 14% in Q2, up from 9% a year earlier, while SanDisk’s share slipped to 11% from 13%. The share shift matters because Chinese NAND makers expanding output could eventually pressure pricing for incumbent suppliers, a dynamic Western governments have targeted with export restrictions on advanced memory technology in recent years.
A hotter-than-expected U.S. jobs report initially raised interest rate concerns on Friday. However, investors moved past it quickly and bought beaten-down growth stocks at lower valuations.
The post appeared first on CoinCentral (https://coincentral.com/micron-sandisk-and-sk-hynix-just-had-their-best-day-in-weeks-and-here-is-why/).
