Micron Technology has seen a remarkable surge in its stock price, climbing by 222% over the past six months due to increasing investor interest in the memory market. This uptick is largely driven by heightened demand for compute and storage chips, particularly to support artificial intelligence (AI) applications in the cloud. Industry analysts expect the memory shortage to continue until at least 2028, indicating that Micron’s growth may have room to run. However, attention is now shifting toward another memory company outperforming Micron: Sandisk.
In stark contrast to Micron’s impressive gains, Sandisk has experienced a staggering increase of 1,220% in its stock price over the same period. This performance is attributed to the company’s greater earnings increases in recent quarters. While Micron reported a 167% year-over-year rise in its non-GAAP earnings for the first quarter of fiscal 2026, Sandisk’s adjusted earnings soared by 404% in its fiscal second quarter. Analysts project Sandisk will experience a 13-fold increase in earnings this fiscal year, greatly surpassing Micron’s estimated fourfold growth.
Despite both companies operating in the memory sector, their growth trajectories differ due to their product focuses. Micron primarily manufactures dynamic random-access memory (DRAM) chips, which are used for temporary data storage during processing. In contrast, Sandisk specializes in non-volatile flash storage chips, which retain data without a power source. The pricing dynamics further explain Sandisk’s superior performance; while DRAM prices are projected to rise by 50% to 55% this quarter, prices for Sandisk’s solid-state drives (SSDs) are expected to increase by well over 100%, reflecting a persistent shortage in the SSD market.
As Sandisk continues to capture market share amid this shortage, its earnings growth is likely to remain strong. Market analysts have noted that the disparity in growth rates between the two companies can be traced back to pricing trends in their respective segments. With approximately 80% of Micron’s revenue coming from DRAM, it is comparatively more susceptible to fluctuations in demand and pricing than Sandisk, which operates as a pure-play flash storage company.
The valuation of both companies shows that they are trading at similar sales and earnings multiples. However, Sandisk’s explosive growth presents it as a more attractive investment proposition. Investors weighing their options may find that while Micron is a solid choice, Sandisk’s current trajectory and market conditions make it the more compelling pick right now.
Looking ahead, the landscape for memory companies appears set for continued volatility, particularly as AI applications push demand for both DRAM and flash memory to new heights. As businesses increasingly integrate AI capabilities, the importance of reliable and efficient memory solutions will only grow. Companies like Micron and Sandisk are at the forefront of this demand, but for investors seeking immediate growth opportunities, Sandisk presently offers a stronger case for investment.
For additional information, investors may refer to the official sites of Micron Technology and Sandisk.
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