Memory and storage stocks extended their slide Thursday, with SanDisk plunging 11% to $1,802, Seagate falling 7% to $852, and Micron dropping 4% to $992, as a Morningstar warning of a 20% to 30% correction in AI names fueled supply-glut fears. The Roundhill Memory ETF fell 5% to $62, reflecting broad weakness across NAND, DRAM, and hard-disk-drive names. Morningstar's director of research Lorraine Tan told Bloomberg TV that announced supply additions from Samsung and SK Hynix are expected to soften memory pricing as supply catches up with demand, while AI capital expenditure is expected to peak in 2026. Bank of America countered by raising its SanDisk price target to $2,500 with a Buy rating, arguing the NAND supply-and-demand imbalance should persist through 2027. Micron reported fiscal Q3 revenue of $41.46 billion, up 346% year over year, and guided fiscal Q4 revenue to $50 billion, trading at a forward P/E ratio of 7x.
Seagate Technology PLC
Western Digital Corporation
Samsung Electronics Co Ltd
Bank of America Corp
