SK Hynix and Micron Fall 6%, SanDisk Drops 9% as Korea Chip Selloff Hits US Memory Stocks

David Moadel Fri, July 24, 2026 at 7:58 AM PDT | 5 min read

Quick Read

• SK Hynix fell 6% and Micron dropped 6% as an overnight KOSPI selloff in Seoul triggered a sympathy move across U.S. memory stocks.
• The DRAM ETF dropped 7%, confirming broad sector retreat, with Intel also sliding as weakness spread beyond memory chips.
• Despite Friday's selloff, Micron still trades 227% higher year-to-date and carries a forward P/E of just 6x against analyst targets near $1,507.

Market Overview

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) stock is off 6% to $929.

SanDisk (NASDAQ: SNDK) shares are down 9% to $1,467.

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, meaning 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 stocks, 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 additional 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
• Western Digital stock is up 209% YTD

All gains have been fueled by AI memory demand and blowout earnings.

Recent Earnings Highlights

Micron's fiscal Q3 2026:

• Revenue: $41.46 billion, up 345.7% year-over-year (YoY)
• Non-GAAP EPS: $25.11 vs. $20.28 consensus
• Q4 guidance: Revenue of $50 billion (± $1 billion), EPS of $31
• CEO Sanjay Mehrotra highlighted "the strategic value of memory in the AI era"

SanDisk's most recent quarter:

• Revenue: $5.95 billion
• EPS: $23.41

Western Digital's most recent quarter:

• Revenue: $3.34 billion
• Non-GAAP EPS: $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.

Valuation Context

• Micron stock now trades at a forward P/E ratio of 6x, with analyst price targets 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.