The data recently released by SanDisk, Micron, and SK hynix are all very strong, but the three companies are not taking the same path.
In the future, the storage industry will no longer rise across all products together; it will clearly diverge.
High-speed memory used in AI chips is the most constrained, ordinary server memory comes next, enterprise SSDs continue to grow, and demand for mainstream storage in smartphones and computers is beginning to feel the pressure from high prices.
SK hynix is currently in the most advantageous position.
It has already begun mass deliveries of the new-generation HBM4, and has signed long-term supply agreements with about 10 major customers. The more AI servers there are, the greater the demand for this high-speed memory.
Therefore, among the three companies, SK hynix has the best technical positioning and the most certain future revenue.
Micron’s advantage lies in balance.
It has both HBM and server memory, enterprise SSDs, automotive and mobile device storage. Micron’s HBM4 has entered large-scale shipments, and the next quarter’s revenue and profits are still expected to continue growing.
Compared with SK hynix, Micron is slightly behind in the HBM field, but its product range is more comprehensive, making it less likely to suddenly lose momentum due to changes in a single product.
SanDisk has the most upside elasticity among the three, but it also carries the highest risk.
SanDisk’s latest quarterly revenue and profit both surged significantly, but the revenue growth is mainly driven by higher NAND prices. As long as NAND remains scarce, its profits will be remarkable; if supply increases and prices can’t rise further, profits will cool off quickly as well.
SanDisk and SK hynix are jointly driving the development of the new HBF AI storage standard.
This product aims to fill the gap between high-speed memory and standard SSDs—its capacity is far higher than HBM, while its speed is clearly faster than traditional storage. If it is adopted at scale by AI servers in the future, SanDisk will gain new growth room.
But HBF is still in the stage of standards and ecosystem development; in the short term, it can’t replace NAND price increases and enterprise SSDs as the main source of revenue.
The industry outlook for the next two years is already fairly clear:
HBM and server memory remain tight.
Enterprise SSD demand continues to grow.
Mainstream consumer storage is gradually absorbing the pressure from high prices.
NAND in 2026 may still be in short supply, but after new capacity is gradually released in the second half of 2027, supply could start to loosen.
Therefore, my assessment of the three companies is:
SK hynix has the strongest fundamentals and is best suited for investors seeking long-term certainty.
Micron’s business is the most balanced, and it should have better sustainability over the next two years.
SanDisk’s performance is the most volatile; it rises the most aggressively when the industry cycle is strong, and it’s also the most likely to be repriced during periods of weakening demand.
For SNDK, we can’t determine that the price will only go up based on a single strong earnings report, nor can we conclude that the fundamentals are already over just because the stock falls after the report.
SanDisk is still in a highly favorable industry environment, but future share performance will rely even more on NAND pricing, enterprise SSD demand, and supply changes in 2027.
Final assessment:
The overall direction of the storage industry is still upward, but opportunities have shifted from broad-based gains to differentiation.
The strongest main theme going forward is HBM and server memory; next come enterprise SSDs and AI storage. SanDisk still has substantial upside opportunity, but it’s better suited for trading across cycles rather than chasing the long-term cycle while ignoring it.
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