Sandisk, Micron, and SK Hynix Slide 3% as NVIDIA Shake-Up Hits Memory Stocks David Moadel Thu, November 12, 2026 at 11:56 AM EST 5 min read SNDK -4.07% MU -3.10% NVDA -5.37% SKHY -3.78% SKHY -3.78% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
Sandisk sank 3% to $951 while Micron slid 2%, as memory stocks lagged a rising NASDAQ 100 on AI supply chain jitters.
Jensen Huang's resignation as NVIDIA's CEO is rattling memory suppliers tied to its accelerators, despite Evercore ISI's $2,500 Sandisk target.
Micron's 4x forward P/E tempts value buyers, but may signal doubts that peak earnings in cyclical memory will last.
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Memory stocks are giving back ground as a leadership shock at the AI chip industry's leader spreads through its supply chain. Sandisk (NASDAQ:SNDK) stock is at $950.98, down 3% in morning trading. The NAND flash specialist has ridden the AI data center expansion, which leaves Sandisk exposed whenever sentiment toward AI hardware shifts.
The selling appears to be concentrated in memory/storage names. The NASDAQ 100 is up 0.3%, and technology ranks among the market's leading sectors. Sandisk is moving in step with other large memory makers that supply the AI expansion.
NVIDIA (NASDAQ:NVDA) and its leadership change is weighing on AI hardware stocks after Jensen Huang resigned as the company's chief executive. On November 12, traders were shaking off the CEO exit as the broader market turned positive. Suppliers of memory chips are slipping alongside AI hardware stocks.
Memory makers sit close to NVIDIA in the AI supply chain, since its accelerators depend on high-bandwidth memory (HBM) and fast data center storage. That link helps explain why Sandisk is slipping while technology stocks broadly gain, and profit taking in memory names may also be adding pressure.
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Sandisk's decline comes after November 11, when Evercore ISI defended the stock. Evercore pointed to stable NAND storage demand and maintained its $2,500 price target on Sandisk. Such research gives the bulls a reference point. One analyst call still carries limited weight against a shock at the AI industry's biggest name.
Micron Technology (NASDAQ:MU) stock is trading at $789.90, down 3%, similar to the decline in Sandisk stock. Beyond NAND, Micron sells dynamic random-access memory (DRAM) and HBM, giving the company more products tied to AI accelerators than a storage-only supplier has.
Meanwhile, SK Hynix (NASDAQ:SKHY) stock is at $137.99, also down 3%. The Korean chipmaker's American Depositary Shares trade on the Nasdaq exchange, giving U.S. buyers direct access to a major HBM producer.
As a pure-play NAND flash supplier, Sandisk was spun off from Western Digital (NASDAQ:WDC) as an independent public company. Enterprise SSDs for AI infrastructure are its fastest-growing market. Edge devices form its largest end market, while retail storage rounds out the lineup. Flash wafers come from Flash Ventures, Sandisk's manufacturing joint venture with Kioxia.
Micron runs a broader, vertically integrated model spanning DRAM, NAND, NOR flash and HBM, built on advanced process technology. Multi-year Strategic Customer Agreements are designed to make Micron's demand more durable, while Sandisk uses long-term contracts with customer prepayments and deposits.
High-bandwidth memory is SK Hynix's core strength, and the company is the leading supplier for AI accelerators, including NVIDIA's, while reporting in Korean won adds a currency layer for U.S. buyers of SK Hynix's American Depositary Shares.
Micron trades at a trailing price-to-earnings (P/E) ratio of 10x and a forward P/E of 4x. Those are low multiples for a company at the center of an AI memory boom, and they may appeal to value-focused shareholders.
A very low forward P/E can carry a warning, too. Memory is a cyclical business, and a depressed multiple may signal that the market doubts Micron's peak earnings will last. The company's next earnings report could put that skepticism to the test.
Sandisk's next test is whether AI data center demand for enterprise SSDs holds firm while NVIDIA works through its leadership change. The bulls can point to the stable NAND demand Evercore ISI highlighted and to the company's fast-growing data center business.
The bears see Sandisk as a stock that could stay volatile if AI spending plans face fresh scrutiny. SK Hynix and Micron face the same question, since all three companies lean on heavy AI infrastructure spending. Investors may want to be cautious while NVIDIA's leadership transition resolves.
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