Memory and storage stocks have had a brutal stretch. Micron Technology (NASDAQ: MU), Sandisk (NASDAQ: SNDK), Western Digital (NASDAQ: WDC), and Seagate Technology (NASDAQ: STX) have been falling for days, mostly without company news. As of this writing, Micron and Seagate both trade about 35% below their 52-week highs, Western Digital about 42%, and Sandisk about 53%.
The market is selling all four as one trade. But these are three different businesses (DRAM and high-bandwidth memory, NAND flash, and hard drives), and the risks behind their earnings look nothing alike.
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With all four down hard, I’d buy two of them and leave the other two alone.
1. Micron: the broadest business, the cheapest stock
Micron sells DRAM, NAND flash, and the high-bandwidth memory (HBM) that sits next to AI (artificial intelligence) accelerators (the widest lineup of the four). And its results have gone vertical. Revenue in the company’s fiscal third quarter (ended May 28, 2026) more than quadrupled year over year to $41.5 billion, up from $23.9 billion a quarter earlier. Net income reached $28.2 billion. And management’s fiscal fourth-quarter forecast calls for about $50 billion of revenue at a gross margin of approximately 86%.
The stock fell hard anyway. At about $821 per share as of this writing, Micron trades at roughly 6 times analysts’ consensus earnings forecast for the coming year. The market, it seems, is already assuming these earnings don’t last.
2. Sandisk: the biggest swings in both directions
Sandisk is the purest memory bet of the group. It sells NAND flash (the storage chips in phones, laptops, and AI data centers), and surging prices have rebuilt its earnings almost overnight. Revenue in its fiscal third quarter (ended April 3, 2026) rose 251% year over year to $5.95 billion, and earnings per share came in at $23.03. A year earlier, the company was losing money.
But earnings this new depend on prices staying at levels the industry has rarely sustained, and the same leverage works in reverse. To the company’s credit, Sandisk has signed five supply agreements that lock customers into firm multi-year commitments, a structure designed to soften future downturns. It also carries no debt.
Still, with results expected next week, I’d rather watch this one from the sidelines.
