It's not just these three — this was a broad storage and chip-related selloff. SK Hynix fell 13.48%, Seagate dropped 10%, and Western Digital fell 9.22%, with optical names like Corning (-9%+) and Lumentum (-6.1%) also caught up in it.
The Top Memory Gainer Friday — Did It Rally on Memory at All?
Memory rose again Friday, but the biggest move had nothing to do with memory. SanDisk +10.99% to $1,791.82, on being added to the S&P 100 effective Monday, replacing Nike. Micron +3.92% to $1,015.80, through $1,000 for the first time this month. SK Hynix +2.46% to $187.50. Intel -0.18% to $108.60. The headline spread runs from double digits to negative, but take out the index event and the memory names moved together. Inclusion buys flow, not demand, and S&P 100 inclusion buys far less flow than the size of the move implies. Is memory still one trade?
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