To The Moon

Memory stocks had a rough session after the huge run they’ve had.

$SanDisk Corp.(SNDK)$  , $SK hynix(SKHY)$   and $Micron Technology(MU)$  all pulled back, which isn’t too surprising after such strong momentum. Rising yields also didn’t help, especially for stocks that have already moved a long way.

But now everyone is looking toward Micron’s earnings on Sept 30.

That could be the next big test for the whole memory trade.

I’m watching a few things:

📌 HBM demand — Are AI customers still locking in supply?

📌 Pricing — Can memory prices keep moving higher without demand starting to crack?

📌 Margins — Strong revenue is great, but the market will want to see that flow through to profits.

📌 2027 outlook — This might be the biggest one. If expectations are already sky-high, simply beating estimates may not be enough.

That’s what makes this setup interesting.

The memory story clearly has strong AI demand behind it, but the stocks have also run hard. At some point, the market stops asking “Is the business growing?” and starts asking “Is it growing fast enough for this valuation?”

If Micron delivers a strong quarter and gives investors confidence that the cycle can stay strong into 2027, the recent pullback could look very different.

But if the numbers are good and the outlook is only “fine”, we could see more profit-taking.