Sandisk Jumps 8%, Micron Gains 6%, SK Hynix Climbs 4% as Wall Street Hikes Price Targets on AI Memory Boom

SanDisk's datacenter revenue surged 645% and Micron's jumped 346% YoY, helping to fuel today's 8% and 6% rallies after both stocks fell sharply last month.

RBC Capital initiated SK Hynix at Outperform with a $200 target as Seagate posted record fiscal 2026 free cash flow of $3.1 billion.

SanDisk and SK Hynix unveiled the first High Bandwidth Flash industry standard, a blueprint that could expand the AI memory addressable market across chip vendors.

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Memory and storage stocks are surging Tuesday morning, with SanDisk ( NASDAQ:SNDK ) leading a broad rebound across the group. SanDisk stock is up 8% to $1,393. Micron Technology shares are up 6% to $880, and SK Hynix ( NASDAQ:SKHY ) shares are climbing 4% to $148.

The rally reaches well beyond the leaders. Western Digital ( NASDAQ:WDC ) shares are rising 3% to $542, Seagate Technology ( NASDAQ:STX ) shares are advancing 1% to $842, and the Roundhill Memory ETF ( CBOE:DRAM ) is up 5% to $54. Meanwhile, the NASDAQ 100 is layering a broad risk-on bid onto the semiconductor complex.

The immediate catalyst is a joint announcement from SanDisk and SK Hynix. The two companies released the first industry standard for High Bandwidth Flash (HBF) through the Open Compute Project, an open UCIe-based blueprint that uses high-speed NAND flash to bridge fast-but-small HBM and slower, high-capacity SSDs. The framework could let AI memory hierarchies operate across multiple chip vendors, expanding the addressable market for flash suppliers.

Wall Street is stacking bullish calls on top of the news. RBC Capital's Srini Pajjuri initiated SK Hynix stock at an Outperform rating with a $200 price target, citing a memory upcycle through 2027. Stifel rates SK Hynix shares Buy with a $240 target, calling DRAM vital to AI hardware, while William Blair initiated at Outperform, noting tight supply has roughly tripled AI memory prices.