SK Hynix (NASDAQ:SKHY) ADRs are down 6% in Friday morning trading to $158.56 as a Korea-led memory selloff pulls the entire chip complex lower. Micron Technology (NASDAQ:MU | MU Price Prediction) stock is off 6% to $929, SanDisk (NASDAQ:SNDK) shares are down 9% to $1,467, and Western Digital (NASDAQ:WDC) stock is trading 6% lower at $523.48.
The Roundhill Memory ETF (CBOE:DRAM) is down 7% to $54, confirming a broad group retreat rather than a single-name story. The NASDAQ 100 is down 1% and has now fallen for a third straight session to a one-month low, so today’s memory weakness is riding on top of a broader tech pullback.
The move caps a volatile stretch for the memory/storage group after a huge run higher, and the pullback still leaves the sector deeply in the green for the year.
Korea-Led Selloff Sparks Sympathy Move
The catalyst traces to an overnight KOSPI selloff in South Korea led by Samsung and SK Hynix. U.S. memory names have become increasingly bundled with the KOSPI given its heavy weighting to those two, so weakness in Seoul is flowing straight through to Micron, SanDisk, and Western Digital shares.
Layered on top is a broader tech pullback. The NASDAQ has fallen three sessions in a row after results from Alphabet‘s (NASDAQ:GOOGL) Google and Tesla (NASDAQ:TSLA), with U.S.-Iran escalation adding pressure.
Notably, Micron is falling even after Tesla CEO Elon Musk praised the company’s “very significant allocation” of memory chips to Tesla on Thursday’s earnings call. That underscores today’s action as a group and macro move, not a Micron-specific problem.
Pullback Inside a Massive Rally
Today’s drop lands inside one of the sharpest sector runs in years. Micron stock is up 227% year to date (YTD), SanDisk shares have gained 526% YTD, and Western Digital stock is up 209% YTD, all fueled by AI memory demand and blowout earnings.
Micron’s fiscal Q3 2026 revenue landed at $41.46 billion, up 345.7% year over year (YoY), with non-GAAP EPS of $25.11 against a $20.28 consensus. Micron guided Q4 revenue to $50 billion plus or minus $1 billion and EPS to $31, and CEO Sanjay Mehrotra highlighted “the strategic value of memory in the AI era.”
SanDisk’s most recent quarter posted revenue of $5.95 billion with EPS of $23.41, and Western Digital delivered $3.34 billion in revenue with non-GAAP EPS of $2.72. None of those numbers explain today’s drop, which is why the DRAM ETF’s decline is a cleaner read on the sector rotation.
Micron stock now trades at a forward P/E ratio of 6x, and analyst price targets sit near $1,507, meaningfully above current levels. SanDisk shares carry a heavier trailing P/E ratio of 55x, which helps explain why the highest-multiple names in the group are giving back the most today.
Sentiment and Prediction Markets Flash Caution
Polymarket traders are pricing a 97% probability that Micron stock closes lower today, with the week likely settling near $920. Longer-dated markets show only a 12% probability that Micron shares finish July above $1,100, suggesting limited near-term bounce conviction.
Reddit sentiment on Micron cooled from a bullish reading of 62 earlier in the week to a neutral 54, mirroring the fade in retail enthusiasm. The VIX has jumped to 18.7, up 12.4% on the day, though it remains inside its normal range.
What to Watch
SK Hynix reports earnings on July 29, and pre-print positioning may explain part of today’s Korea-side pressure. Intel (NASDAQ:INTC) stock is also weak at $97, suggesting that the softness extends beyond memory into the broader semiconductor complex.
Investors can watch for whether Micron and SanDisk shares hold their recent breakout levels into the close, and whether any updates from the next Korean session shift the tone. The DRAM ETF’s top three holdings, Samsung, SK Hynix, and Micron, account for 72% of the fund’s net assets, so investors should consider keeping their position sizes modest given that concentration and today’s volatility.
The AI memory super cycle thesis remains intact on the earnings side, but sentiment has clearly rotated. Traders may want to watch for whether today’s lows hold or give way as the session moves toward Friday’s close.
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