Sandisk Jumps 8%, Micron Gains 6%, SK Hynix Climbs 4% as Wall Street Hikes Price Targets on AI Memory Boom

Memory and retention stocks are surging Tuesday morning, with SanDisk (NASDAQ:SNDK) starring a wide rebound crossed the group. SanDisk banal is up 8% to $1,393. Micron Technology shares are up 6% to $880, and SK Hynix shares are climbing 4% to $148.

The rally reaches good beyond the leaders. Western Digital (NASDAQ:WDC) shares are rising 3% to $542, Seagate Technology (NASDAQ:STX) shares are advancing 1% to $842, and the Roundhill Memory ETF is up 5% to $54. Meanwhile, the NASDAQ 100 is layering a wide risk-on bid onto the semiconductor complex.

HBF Standard and SK Hynix Upgrades Fuel the Bid

The contiguous catalyst is simply a associated announcement from SanDisk and SK Hynix. The 2 companies released the archetypal manufacture modular for High Bandwidth Flash (HBF) done the Open Compute Project, an unfastened UCIe-based blueprint that uses high-speed NAND flash to span fast-but-small HBM and slower, high-capacity SSDs. The model could fto AI representation hierarchies run crossed aggregate spot vendors, expanding the addressable marketplace for flash suppliers.

Wall Street is stacking bullish calls connected apical of the news. RBC Capital's Srini Pajjuri initiated SK Hynix banal astatine an Outperform standing with a $200 terms target, citing a representation upcycle done 2027. Stifel rates SK Hynix shares Buy with a $240 target, calling DRAM captious to AI hardware, portion William Blair initiated astatine Outperform, noting choky proviso has astir tripled AI representation prices.

Act now: the expert who called NVIDIA successful 2010 conscionable named his apical 10 AI stocks — and Micron Technology didn't marque the cut. Grab the names FREE today.

The fundamentals backmost the bullish tone. Micron's astir caller 4th delivered gross of $41.46 billion, up 345.7% twelvemonth implicit twelvemonth (YoY), with non-GAAP gross borderline of 84.9%. SanDisk's datacenter conception posted gross of $1.47 billion, up 645% YoY, grounds that NAND flash is moving from commodity presumption to an AI-critical asset. Micron CEO Sanjay Mehrotra, commenting connected the quarter, stated that "Micron's grounds fiscal Q3 fiscal results and adjacent stronger outlook for Q4 bespeak the strategical worth of representation successful the AI era."