Last updated: October 21, 2026
Micron, SanDisk, and SK Hynix extended their rebound Wednesday, building on gains from earlier in the week as a string of upbeat AI-infrastructure data points — from SpaceX’s earnings to Super Micro Computer’s raised guidance — eased investor concerns about whether AI capital spending can keep up with demand.
Memory Stocks Ride the AI Infrastructure Wave
Micron, SanDisk, and SK Hynix climbed again Wednesday as SpaceX’s earnings and Super Micro’s raised guidance reassured investors that AI server demand remains intact.
AI Infrastructure Demand Reassures Wall Street
Two separate data points this week pushed back on last week’s AI-capex doubts. SpaceX’s first-ever quarterly profit, driven by 161% revenue growth and an 830% surge in its AI-focused Super Intelligence segment, showed real revenue materializing behind the AI infrastructure buildout. Super Micro Computer added to the optimism, jumping roughly 11% after hours Tuesday on a preliminary fiscal first-quarter revenue forecast of $18.5-19.5 billion — well above its own prior guidance of $14.5-15.5 billion and above Wall Street’s roughly $15 billion estimate, with gross margin also guided higher. Memory names rode that wave into Wednesday: Micron rose about 2.2% and SanDisk about 2.4% in premarket trading, while SK Hynix’s U.S. ADR climbed more than 3%, with Samsung and the broader KOSPI index also rebounding in Seoul trading.
Memory Supply Tightens Heading Into 2027
Behind the rally is a supply story that predates this week’s news. Micron CEO Sanjay Mehrotra said on the company’s September earnings call that a large part of its 2027 high-bandwidth memory (HBM) volume is already sold out, at prices well above 2026 levels, adding that the company has “no line of sight to when supply and demand will return to balance.” Goldman Sachs has highlighted SanDisk and SK Hynix as the lead developers of High Bandwidth Flash, a next-generation memory technology, while rating Micron Neutral as a less direct beneficiary of that specific trend. Samsung and SK Hynix are also upgrading China-based plants to produce more advanced NAND flash as Chinese rival YMTC gains share — a reminder that even as memory names rally together, the competitive and geographic picture underneath them is shifting.
Labor and Oil Are Wildcards
Not every risk has cleared. Micron reached a labor deal with its union at its Taichung, Taiwan facility, but a separate union at its Taoyuan site is planning a one-day strike on Thursday, October 22, seeking a larger share of operating profit — a reminder that production risk persists even as demand accelerates. Oil prices also jumped Wednesday, with Brent crude up more than 1% to above $110 a barrel on reports of attacks near the Strait of Hormuz, a cost pressure that could complicate the inflation picture just as the AI-infrastructure trade regains its footing.
Why It Matters
Memory and AI-infrastructure stocks have whipsawed over the past two weeks, swinging from a capex-doubt selloff to back-to-back rallies as corporate results — from SpaceX’s blowout quarter to Super Micro’s guidance raise — keep arriving to reassure the bulls. With Tesla and Meta reporting Wednesday after the close, following Netflix’s weaker-than-hoped guidance a day earlier, this week’s results will go a long way toward settling whether the AI infrastructure trade’s fundamentals can support its valuation. For more on the companies at the center of this story, see our Nvidia fact sheet and the Stock Fact Sheets hub.
Related Coverage on FactSheets.com
- SpaceX Posts First-Ever Profit on 161% Revenue Surge as Musk Confirms Tesla Merger Committees
- Netflix (NFLX) Earnings Recap
- Chip and Memory Stocks Lead a Market Rebound
- NVDA (Nvidia) Stock Fact Sheet
- CRWV (CoreWeave) Stock Fact Sheet
- More Nvidia Coverage →
- Stock Fact Sheets Hub
For informational purposes only. Not investment advice. Stock prices, analyst commentary, and market data cited above are as of the date noted and are subject to rapid change; always do your own research or consult a licensed financial advisor before making investment decisions.
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