Storage sector under pressure, with MRVL down 5.2% and MU down 4.9% before the open.
There is disagreement in the market about whether demand for memory chips will rebound in the second half of the year. Investors have started to focus on downside risks: on one hand, whether the pull from AI computing power on HBM has been priced in excessively; on the other hand, whether the pace of inventory destocking for consumer electronics and PCs is slower than expected, with traditional DRAM/NAND prices still staying at low levels.
From a trading perspective, the memory sector is always a magnifier of cyclical sentiment. Earnings realization tends to closely track cloud providers’ capex and smartphone shipment data. The synchronized decline before the open mainly reflects that funds proactively reduced positions ahead of the earnings season and avoided beta risk, rather than any fundamental deterioration.
Going forward, two key points to watch: first, MU and MRVL’s inventory turnover and the visibility of HBM orders as provided in their earnings reports; second, the guidance from leading cloud providers on the direction of capital expenditure for fiscal year 2026. Until the demand inflection point is confirmed, the sector is likely to remain in a high-volatility state.
Take a rational view of the cycle and respond cautiously.
#存储芯片 #科技股 #earnings season
There is disagreement in the market about whether demand for memory chips will rebound in the second half of the year. Investors have started to focus on downside risks: on one hand, whether the pull from AI computing power on HBM has been priced in excessively; on the other hand, whether the pace of inventory destocking for consumer electronics and PCs is slower than expected, with traditional DRAM/NAND prices still staying at low levels.
From a trading perspective, the memory sector is always a magnifier of cyclical sentiment. Earnings realization tends to closely track cloud providers’ capex and smartphone shipment data. The synchronized decline before the open mainly reflects that funds proactively reduced positions ahead of the earnings season and avoided beta risk, rather than any fundamental deterioration.
Going forward, two key points to watch: first, MU and MRVL’s inventory turnover and the visibility of HBM orders as provided in their earnings reports; second, the guidance from leading cloud providers on the direction of capital expenditure for fiscal year 2026. Until the demand inflection point is confirmed, the sector is likely to remain in a high-volatility state.
Take a rational view of the cycle and respond cautiously.
#存储芯片 #科技股 #earnings season