Micron and SanDisk Surge Despite Hot Jobs Report

Benzinga··USCN·Read original
3▲2 ▼0Impact / 5
Summary · why it matters

Micron Technology and SanDisk shares jumped on Friday, with Micron rising 5% and SanDisk 8%, even as a stronger-than-expected jobs report briefly pushed odds of a Federal Reserve rate hike above 50%. The U.S. added 162,000 jobs in August, nearly triple the expected 56,000, while unemployment held at 4.1%. The report sent Treasury yields higher, but memory stocks shrugged off the rate scare, driven by persistent supply shortages. Dell's COO Jeff Clarke highlighted the crunch, saying "DRAM, DRAM, DRAM, followed by NAND, NAND, NAND," and Susquehanna expects DRAM contract prices to rise over 50% this quarter and NAND prices about 60%. The surge comes despite Chinese rivals gaining market share, with CXMT doubling its DRAM share to 10% and YMTC's NAND share climbing to 14%.

Impact on assets 6

Semiconductors▲
Micron Technology Inc
MU
▲ PositiveSupplyrelevance

Persistent supply shortages and rising DRAM/NAND contract prices drive Micron's surge.

Sandisk Corp
SNDK
▲ PositiveSupplyrelevance

SanDisk benefits from NAND supply shortages and expected price increases.

Financials▲
Artificial Intelligence▲
Others▲

Off-coverage companies 1

Yangtze Memory Technologies Co. (YMTC)i
Private± Mixedrelevance