By Eric Bleeker
Publication Date: 2026-03-04 14:32:00
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Micron (MU) fell yesterday after Korean memory makers saw their share prices collapse. SanDisk (SNDK) also fell as the memory industry came under pressure. Yet, there might have been more at play to both of their declines yesterday beyond macro fears. Concerns are building that NVIDIA (NVDA) will announce a new type of inference chip at GTC which could bypass high-bandwidth memory. This could cause memory stocks to re-rate to lower multiples.
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NVIDIA’s chip likely won’t impact Micron or SanDisk’s earnings this year in any meaningful way. The larger story will be what the chip could do to the ‘narrative’ around a once-in-a-lifetime memory supercycle lasting through the end of the decade.
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Shares of Micron (Nasdaq: MU) are up 3.3% right before the market opens. Shares of SanDisk (Nasdaq: SNDK) are up slightly more, 4.2%. Both stocks saw heavy sell-offs yesterday. We published an article noting the sell-offs came after a massive sell-off in Korean equities that saw SK Hynix decline 11.5% and Samsung 9.9% the night before.
However, Korean equities once again crashed last night with the KOSPI down 12%. SK Hynix dropped another 9.6% while Samsung plunged 11.7%. Despite those losses, American memory stocks look poised to shake off the broader weakness. This raises the question whether a large part of yesterday’s sell-off could have been something broader….
