Two semiconductor companies are racing to own the AI memory market. Micron Technology pulled in $37.3 billion in fiscal 2025 revenue, dwarfing SanDisk’s $7.3 billion, but the stock performance tells a more complicated story.
SanDisk shares have surged nearly 4,000% over the past year. Micron’s have climbed nearly 700%.
The supercycle thesis and why it matters beyond Wall Street
The memory chip industry is reportedly in the middle of a “supercycle” that analysts expect to persist until at least 2030. Micron’s high-bandwidth memory products are reportedly sold out through 2026. The broader DRAM market recently posted 30% quarter-over-quarter growth. Hyperscale data center operators are locking in multi-year supply agreements because they can’t afford to run short.
Two very different strategies
