dpQuick Read
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SanDisk (SNDK) plunged 11% while Western Digital (WDC) and Micron (MU) dropped 10% Tuesday morning, reversing off record highs after surging in 2026.
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The Roundhill Memory ETF (DRAM) crashed 14% as South Korea’s Kospi fell 10%, dragging SK Hynix and Samsung down over 12%.
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Irrespective of the share-price rout, SanDisk’s Datacenter revenue surged 645% YoY and Micron guided Q3 FY2026 to $33.5 billion, with Wednesday’s Micron earnings being the next key catalyst.
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Shares of SanDisk (NASDAQ:SNDK) are leading a sharp memory-chip selloff Tuesday morning session, with SanDisk stock down 11% to $2,027.50. The decline comes one day after the stock closed at a record high, capping a stunning run higher.
Micron Technology (NASDAQ:MU) stock is sliding alongside it, off 10% to $1,085, while Western Digital (NASDAQ:WDC) shares are down 10% to $658. The triple-digit moves are arriving directly off Monday’s record-setting close.
The catalyst is broader than memory itself. A global risk-off wave started in Asia overnight and rolled into U.S. memory names that had run up vertically on AI-driven data-center demand.
Korean Market Crash Triggers the Reversal
South Korea’s Kospi closed 10% lower on Tuesday, with memory giants SK Hynix and Samsung Electronics both sliding more than 12%. Trading was briefly suspended for about 20 minutes to slow the cascade, and AI-linked stocks fell across Japan and Europe.
Because SK Hynix, Samsung, and Micron are among the top holdings of the Roundhill Memory ETF (NYSEARCA:DRAM), the contagion was immediate. The DRAM ETF is down 14% pre-market, crashing despite SanDisk and Western Digital’s HDD/NAND mix differing from pure DRAM exposure.
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This looks more like sell-the-news profit-taking after an extreme rally than a memory-specific fundamental break. SanDisk stock had gained 858% year to date (YTD), Micron stock was up 325% YTD, and Western Digital stock had climbed 326% YTD prior to the Tuesday morning sell-off. Names that move like that tend to reverse hard on any wobble in confidence.
Fundamentals Still Look Strong
The fundamentals remain solid across the group. SanDisk’s most recent Q3 FY2026 report showed revenue of $5.95 billion against a $4.73 billion consensus, with the Datacenter segment up 645% year over year (YoY) and gross margin expanding to 78%.
