Memory stocks are sliding even as producers post blowout numbers. High prices … · @Eyescool · TwKit

@Eyescool

Memory stocks are sliding even as producers post blowout numbers. High prices are now crushing PC and server demand, the “good news is priced in” trade is unwinding, and AI capex ROI worries are hitting the whole group. INTC’s collapse is amplifying the sell-off. Why it’s happening Price hikes are killing demand. On its call, Intel said customers are flagging PC slowdowns from memory cost and supply tightness, and it does not expect a sustained recovery until supply improves and prices normalize. It guided 2026 PC shipments ~−12%, worse than −20% in 2H, and another ~−10% in 2027. Cycle-peak fears. The higher prices go, the more end demand shrinks. Markets are starting to ask how long these levels can last. Strong earnings aren’t enough. Sandisk reported $11.03B revenue (+378% y/y), guided ~85% next-quarter gross margin, and announced an 8-for-1 split—yet the stock still fell ~5% yesterday and ~10% today. High valuation and crowded positioning are the main drags. AI ROI anxiety. Amazon’s quarterly capex hit $77B (~$20B above expectations) with “significantly more” flagged for 2027; Google’s spending also disappointed. HBM and enterprise SSD demand is tied to AI servers, so memory names get hit when that spending looks less certain. Peers and competition. Samsung posted record profit but missed expectations, raising the bar for the group. Reports of CXMT advancing data-center DRAM added supply concerns for Micron. Sector contagion. Intel is down ~29% today (potentially its worst single-day drop), dragging the broader chip complex. Dell −10%, HP −8.5% as both cost pressure and volume weakness hit PC makers. Flows remain orderly. As of ~8:20 PT, large and block trades in $MU , $SNDK , $WDC , $STX , $SKHY , $INTC , $DELL , and $HPQ were all within a neutral ±2% band. Sell-side has not flipped: MU, SNDK, and SK Hynix still carry Strong Buy consensus; BofA has a $1,550 target on MU citing tighter 2027–28 supply.

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