After days of relentless gains, memory stocks pulled back together in a single session: Micron down about 6%, SanDisk off around 5.5%, with Western Digital and the memory ETF softening too. Zoom out though, Micron is still up roughly 273% this year and SanDisk over 620%, and Micron still holds above USD 1,000. This looks more like profit taking ahead of the Fed than a broken thesis, with HBM demand still tight. So is the supercycle just catching its breath, or has it peaked?

<p>After days of relentless gains, memory stocks pulled back together in a single session: Micron down about 6%, SanDisk off around 5.5%, with Western Digital and the memory ETF softening too. Zoom out though, Micron is still up roughly 273% this year and SanDisk over 620%, and Micron still holds above USD 1,000. This looks more like profit taking ahead of the Fed than a broken thesis, with HBM demand still tight. So is the supercycle just catching its breath, or has it peaked?</p>

Memory's One Red Day: Pause Or Peak?

<p>The most certain direction right now is still storage. Many people now talk about bubbles as soon as they open their mouths and about a crash as soon as they close them. But the problem is, this wave of AI might have just started the feast, and the dishes haven't even been served yet. Are you already afraid the chef will run away? The market has only just begun. Are you already afraid it will crash? Then isn't it normal that you won't get to eat three dishes?</p>