Shares of memory-chip maker Sandisk fell 47% in July, according to S&P Global Intelligence, as a broader sell-off in AI and memory stocks weighed on the company. The decline outpaced the VanEck Semiconductor ETF and came despite little company-specific news, with investors reassessing the sustainability of massive capital expenditures by hyperscalers and reacting to SK Hynix missing bottom-line estimates in its first U.S. earnings report. Additional pressure came from the launch of China's Kimi K3 AI model and the IPO of Chinese memory chip company CXMT, which debuted with a market cap of around $500 billion, raising fears of increased competition. Analysts still expect Sandisk's profits to climb through at least next year, but the stock's narrow focus on flash memory and data storage leaves it highly exposed to industry cycles.
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