I think the divergence is the signal here. 📊

Kentzw
09-17

If this were purely a broad memory price-hike story, you’d expect MU, SNDK, WDC and STX to move more consistently together. Instead, investors are starting to separate DRAM/AI demand from NAND and storage exposure.

That doesn’t necessarily kill the memory thesis—it may mean the market is getting more selective about where the pricing power actually shows up.

For me, the next key test is whether Micron’s upcoming results confirm that pricing and AI-driven demand are still translating into stronger orders. If they do, this pullback could look more like rotation than a broken thesis.

What matters most now: pricing, volumes, or margins? 👀

:::

Recent reporting supports the idea that expectations and valuation are becoming increasingly important alongside the underlying AI-memory demand story. 

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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