Memory keeps running: SK Hynix +7.05% to a record, Micron +2.75%, SanDisk +1.51%. The bull case remains powerful: AI/HBM demand is squeezing supply, while SK Hynix's massive shareholder-return programme adds another tailwind.
But at record highs, expectations matter more than the story. Much of the good news may already be priced in, so any disappointment in pricing, HBM demand or shareholder returns could trigger a sharp pullback.
Micron reports on Sept 30, giving investors a major read on DRAM/HBM pricing, margins and AI demand.
My pick: wait for Micron rather than chase SK Hynix at records. The memory cycle still looks strong, but I would rather sacrifice some upside for confirmation than pay peak expectations today.
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