Markets
markets
Claire Yubin Oh

Micron and Sandisk drop on double dose of bad news — blame Broadcom and SK Hynix

Micron and Sandisk are both down more than 6% on Thursday, as Broadcom’s underwhelming results weigh on the entire AI complex.

But the two memory giants might be under more pressure than others for another reason, too. Reuters reported that Korean rival SK Hynix told investors this week that it received strong backing on its proposed US listing, potentially giving US investors an alternative way to play the memory chip crunch.

Citing a source familiar with the matter, the Reuters report outlined that the South Korean chipmaker received “tremendously positive” feedback from stockholders, thanks to growing AI demand and SK Hynix’s competitive position in the memory chip market. Noting discussions with customers on future pricing of its advanced chips, the company reportedly also told investors that it expects a favorable pricing environment for its high-bandwidth memory (HBM) chips to continue into next year, and strong demand for its new, power-efficient LPDDR memory from Nvidia, which could further tighten memory supply from 2027.

Back in March, SK Hynix announced that it had filed an application to list ADRs with the SEC, the review of which remains underway, with aims to go stateside within 2026. Reuter’s cited source noted that the size and pricing of the listing still haven’t been decided, but local Korean media had reported that the company could raise up to $10 billion back in March, when SK Hynix had a market valuation of less than half of what it is today.

Micron is currently the only US-listed company out of the top 3 memory producers (Samsung being the other). SK Hynix remains ahead of Micron across the memory landscape, according to the latest available data on market share by revenue from Counterpoint Research, including DRAM (SK Hynix 29% vs. Micron 22%), NAND (18% vs. 13%), and HBM (57% vs. 21%) chips.

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SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.

SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.

Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."

The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.

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