Memory-chip stocks staged a sharp rebound on Friday as strong artificial-intelligence data-center demand and tight supply conditions sent Micron Technology, SanDisk, and SK Hynix sharply higher. Micron closed up 6.1%, SanDisk gained 11.9%, and SK Hynix advanced 8.1%. Western Digital rose about 6%, while the Roundhill Memory ETF added 6.6%, signaling broad sector participation.
Earlier in the session Micron was up 4.3% and on track for a weekly gain of more than 6%. The stock has nevertheless fallen about 20% since peaking in June and has been trading near its 50-day moving average since mid-August. Micron has still gained roughly 236% in 2026, and its fiscal fourth-quarter earnings due September 30 are seen as a potential decisive catalyst.
Driving the rally were signs that high-bandwidth memory and NAND storage remain in short supply. Micron has reportedly sold out its most advanced memory lines through the end of 2026, giving major suppliers strong pricing power. Dell’s $95 billion AI server backlog and Nvidia’s disclosure of $279 billion in supply and capacity commitments were cited as evidence that large technology firms are buying available memory output as quickly as it can be produced. Global DRAM revenue jumped 57% quarter over quarter in Q2, while NAND revenue surged 70%, according to Barron’s. Micron grew its DRAM market share to 24% and its NAND share to 15%.
Analyst commentary turned more bullish. UBS raised its high-bandwidth memory average selling price growth forecast to 79% year over year from 67%. Lynx Equity issued price targets of $1,325 for Micron and $2,450 for SanDisk, citing a likely multi-year memory shortage. Bernstein kept an Outperform rating on SanDisk with a $3,000 price target, raised from $1,700, and highlighted new long-term supply agreements with stronger pricing protections. Mizuho described memory as a 'key bottleneck' in the semiconductor supply chain.
Investors also focused on Micron’s position as the only US-based company among the 'big three' memory chip makers, alongside SK Hynix and Samsung. Under the Trump administration’s domestic production push, Micron could benefit from customers seeking to reduce tariff exposure. Micron recently announced a $10 billion US research and production investment as part of a broader $250 billion domestic plan. The main risk cited was competition from China’s YMTC, whose global NAND share reached 14% in Q2, up from 9% a year earlier, while SanDisk’s share slipped to 11% from 13%.
A stronger-than-expected US jobs report initially raised interest-rate concerns on Friday, but investors quickly moved past it and rotated into beaten-down growth stocks at lower valuations.
