記憶體及儲存股業績強勁，股價仍持續下跌

Sandisk, Micron, Seagate and Western Digital were among the top stocks of early 2026 but have dropped to the S&P 500’s bottom 10% since July, Bloomberg reported. Western Digital fell even after beating forecasts. Investors doubt how long debt-funded AI spending can last.

Sandisk, Micron, Seagate and Western Digital were among the stock market’s biggest winners in the first half of 2026. Since the end of June, all four have been in the bottom 10% of the S&P 500, Bloomberg reported, and strong results have not stopped the slide.

Sandisk and Western Digital have dropped more than 44% since the start of July, Seagate 33% and Micron 22%. All four are still up for the year, led by Sandisk’s gain of almost 430%. The slide began in July, as chip stocks started to swing even while AI bosses called demand “almost unlimited”.

Western Digital beat forecasts last Thursday, with revenue up 55% to $4.38B, and raised its dividend by 17%. Its shares still fell 3% on Friday. Micron has dropped 15% since its record quarter in late September.

“The market is telling you that expectations are changing,” said Joe Tigay, a portfolio manager at Equity Armor Investments. Investors are rethinking “how long the earnings boom is going to last for these companies,” he said.

Investors doubt how long AI spending can last, especially as more of it is paid for with debt. This month, Gartner warned that more than $3.5T of AI infrastructure spending could face write-downs by 2030.

South Korea’s SK Hynix had already lost about half its value between June and August. Analysts have warned that if AI demand fades, the memory bust could be brutal.

“There used to be this concentrated FOMO mentality surrounding memory,” said Andre Bakhos, president of Ingenium Analytics. “But now investors are starting to weigh the risk of all that expenditure and debate whether it can keep going.”

Seagate reports results after the close on Tuesday, with analysts expecting its net income to triple, and Sandisk follows on Thursday. The shares look cheap: Micron trades at five times expected earnings, the second-lowest in the S&P 500, against about 19 for the index.

Published October 27, 2026 - 1:03 pm UTC