Memory stocks are getting hammered. $MU down nearly 9% over two sessions, trading around $935-945 after closing at $989 on Friday. Samsung off 11.5% in two days, SK Hynix down 14%.
The trigger? CXMT claims on denser DRAM and targeting server DDR5 by late 2026. They already hold ~10% global DRAM revenue.
Market is front-running potential pricing pressure even though yields, volumes, and commercial readiness are all question marks. The big three still own high-end HBM.
Classic case of fear trading ahead of fundamentals. CXMT has made noise before. Execution at scale in advanced nodes is a different game. But when memory names move like this, it tells you positioning was crowded and conviction was thin.
Watch how this plays out into earnings. If guidance holds and HBM demand stays tight, this could be an overreaction. If management starts hedging on pricing into 2026, different story.
The trigger? CXMT claims on denser DRAM and targeting server DDR5 by late 2026. They already hold ~10% global DRAM revenue.
Market is front-running potential pricing pressure even though yields, volumes, and commercial readiness are all question marks. The big three still own high-end HBM.
Classic case of fear trading ahead of fundamentals. CXMT has made noise before. Execution at scale in advanced nodes is a different game. But when memory names move like this, it tells you positioning was crowded and conviction was thin.
Watch how this plays out into earnings. If guidance holds and HBM demand stays tight, this could be an overreaction. If management starts hedging on pricing into 2026, different story.