Based on the scenario described, I think it is still too early to confidently call a bottom. Several factors suggest the correction may not be over.

Reasons to be cautious:

Valuation reset: Memory stocks had rallied dramatically on AI and HBM optimism. When expectations become stretched, even good long-term fundamentals cannot prevent sharp multiple compression.

Negative sentiment: Downgrades and profit-taking often feed on themselves, especially in a highly cyclical sector like memory. Forced selling by leveraged investors can continue beyond what fundamentals justify.

Macro uncertainty: If geopolitical tensions continue to pressure global risk appetite, cyclical semiconductor stocks are usually among the first to be sold.

Memory cycles remain volatile: History shows DRAM and NAND stocks rarely bottom in a single session. They often experience several sharp rallies that later fail before establishing a durable low.

That said, the long-term AI memory story has not necessarily broken. Demand for HBM used in AI accelerators remains structurally strong, and if hyperscaler AI spending stays robust, companies such as Micron, SK Hynix and SanDisk could still benefit over the next few years.

For investors:

Short-term traders: It may be prudent to wait for signs that selling pressure is easing, such as several days of stabilisation, improving volume patterns, or stronger earnings guidance.

Long-term investors: Rather than trying to identify the exact bottom, gradual accumulation through phased purchases is generally less risky than making a single large buy.

Overall, I would characterise the current environment as "correction first, bottom later." The long-term thesis is still intact, but the market appears to be repricing expectations, and these episodes often take longer to resolve than many expect.