Micron, SK Hynix, and SanDisk drop 6-9% after a KOSPI-led retreat sparks broad memory chip weakness in US markets.
US memory stocks fell sharply Friday as a selloff in South Korea’s KOSPI spread to the sector. Micron Technology and SK Hynix each dropped 6%, while SanDisk plunged 9%, dragging the Roundhill Memory ETF down 7% to $54. Western Digital also declined 6% to $523.48.
The retreat follows an overnight pullback in Seoul, where Samsung and SK Hynix led losses. Despite the selloff, Micron remains up 227% year-to-date, trading at a forward P/E of 6x, below analyst targets near $1,507. The NASDAQ 100 extended its decline, falling 1% to a one-month low.
The move reflects broader tech weakness after a volatile stretch for memory and storage stocks. While the sector has surged in 2024, today’s losses mark a sharp reversal from recent highs.