Memory Stocks Rally as Tech Selloff Unwinds: Micron Climbs 4%, Sandisk Jumps 7%, SK Hynix Rises 5%

Memory chip makers are leading a rebound in technology stocks as fears about AI spending ease. Micron Technology (NASDAQ:MU | MU Price Prediction) stock is at $916.43, up 4% in morning trading. Chip stocks generally are springing back from last week’s bruising selloff.

Meanwhile, Sandisk (NASDAQ:SNDK) stock is up 7%. SK Hynix (NASDAQ:SKHY) stock is at $143.93, up 5%, ahead of Micron stock.

For a sector-level check, the Roundhill Memory ETF (CBOE:DRAM) is up 5%, a better showing than Micron stock. Large-cap tech is rising at a slower pace, with the Invesco QQQ Trust (NASDAQ:QQQ) up 1.62%.

AI Spending Fears Ease for Micron

Fading worries about AI spending, the force behind the recent tech selloff, are lifting Micron shares. Demand from AI data centers showed up clearly in Micron’s results for fiscal Q4 2026, when revenue reached $54.23 billion and topped expectations. Its non-GAAP earnings per share (EPS) came in at $33.42, ahead of the $31.35 consensus and marking an eighth straight quarterly beat.

On Micron’s September 30 earnings call, chief executive Sanjay Mehrotra stated that a large part of the company’s 2027 high-bandwidth memory volume is already sold out and that “the prices are much higher than 2026 prices.” He also declared, “We do not have line of sight to when supply and demand will return to balance.”

Management forecast Micron’s fiscal Q1 2027 revenue to $61.5 billion, plus or minus $1.5 billion. Storage demand is surging as well, with Micron’s data center solid-state drive revenue reaching nearly $10 billion in Q4.

Solidigm Warning Hangs Over SK Hynix

SK Hynix stock is rising even though a regulatory warning out of Seoul cuts against the company. South Korea’s Financial Supervisory Service governor Lee Chan-jin told a parliamentary audit that regulators had determined a proposed U.S. listing of SK Hynix’s Solidigm unit would breach Korean rules on overlapping listings. Shares of SK Hynix listed in Seoul closed lower in Korean trading.

Part of the SK Group conglomerate, SK Hynix stock trades on the Korea Exchange, with American Depositary Shares listed in the U.S. Currency swings matter for U.S. holders of SK Hynix stock, since the company reports its results in Korean won.

For its part, SK Hynix stated that it’s reviewing ways to strengthen Solidigm and that no decision has been made. Its lead in high-bandwidth memory for AI processors remains the company’s core franchise.

Why Micron Trails Its Memory Peers

Goldman Sachs asserted in a research note last week that Sandisk and SK Hynix lead development of High Bandwidth Flash, stacked flash memory placed beside AI processors.

In the same note, the firm rated Micron stock Neutral, viewing it as a less direct beneficiary given its focus on a different type of memory chip.

Sandisk makes flash storage for data centers and devices. That ties it directly to Goldman Sachs’s thesis.

Micron’s Outlook

As of May 11, the Roundhill Memory ETF’s top weights were Samsung Electronics at 25%, SK Hynix at 24.2% and Micron at 23.8%. A much smaller piece went to Sandisk.

For Micron, the bull case rests on management’s view that memory and storage supply will stay tight through calendar 2028, supported by Strategic Customer Agreements that add demand visibility. Its main risk is that Goldman’s view turns out right and more AI memory spending flows to Sandisk and SK Hynix. Investors’ share positions should stay moderate until that plays out.

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