Benzinga复盘：AI存储需求强劲但利率、CXMT竞争与远期过剩担忧发酵，美光、SK海力士、闪迪盘前跌2%-3%

Memory-chip stocks, including Micron Technology Inc. (NASDAQ:MU), SK hynix Inc. (NASDAQ:SKHY) and Sandisk Corp. (NASDAQ:SNDK), came under pressure Friday as investors weighed strong AI-driven demand against rising interest rates, Chinese competition and uncertainty over how long supply shortages will last.
Micron, SK hynix and Sandisk stocks fell about 2% to 3% in Friday’s premarket trading. However, the pullback follows a massive rally, with Micron up nearly 230% and Sandisk gaining almost 500% in 2026.
AI Demand Could Reshape Memory Industry
Roundhill Investments CEO Dave Mazza believes the memory industry is undergoing a structural shift as AI infrastructure spending drives unprecedented demand for chips.
Mazza said memory suppliers are at the center of a major AI infrastructure bottleneck. He expects the industry to gradually move away from its traditional boom-and-bust cycles toward more stable revenue streams backed by long-term customer agreements.
Speaking to CNBC on Wednesday, Mazza said the industry’s fundamentals remain strong. He noted that memory chips are effectively sold out through 2026 and 2027, while discussions about future capacity already extend into 2028.
Longer-term supply agreements could give chipmakers greater revenue visibility and help justify higher stock valuations. Historically, investors have assigned lower valuations to memory companies because of sharp swings in supply, demand and pricing.
Interest Rates and China Competition Raise Concerns
Despite the strong demand outlook, Mazza warned that higher interest rates, credit concerns and weakening sentiment toward AI investments have made investors more cautious.
He also identified Chinese memory-chip maker ChangXin Memory Technologies (CXMT) as a potential long-term competitive threat.
However, Mazza said reports suggesting CXMT is advancing into more sophisticated memory technologies remain unverified.
U.S. export controls also limit the company’s access to advanced chipmaking equipment. As a result, Mazza believes meaningful production at scale may not emerge until 2028, 2029 or even 2030.
A CNBC report said concerns intensified earlier this week after CXMT unveiled plans for a new server memory architecture designed to increase storage density. The development raised fears that the Chinese chipmaker could eventually take market share from established suppliers.
However, analysts questioned whether CXMT could manufacture the advanced chips at commercially viable yields. Rosenblatt Securities analyst Kevin Cassidy said the development was unlikely to materially change the industry’s supply-demand balance.
Meanwhile, investors are also weighing longer-term oversupply risks. A commentary in South Korea’s Maeil Business Newspaper cited industry experts warning that a surge in new capacity could flood the memory market by 2029, potentially ending the current boom and triggering a downturn by 2030.
Meanwhile, Mazza said investors may have taken recent comments from Broadcom Inc. (NASDAQ:AVGO) CEO Hock Tan about AI spending and memory shortages out of context.
Still, he acknowledged that the remarks contributed to near-term selling pressure.
Bernstein Sees Buying Opportunity After Selloff
Bernstein analyst Mark Newman said recent weakness across memory stocks has improved the investment setup.
“There’s still a lot of opportunity there,” Newman told CNBC, adding that memory and semiconductor stocks “look quite attractive.”
He said memory pricing is still rising, but the pace of increases is no longer accelerating. Newman nevertheless sees AI as a major structural driver.
“Look, in AI, the core of AI is data,” Newman said, noting that AI workloads require DRAM, NAND, hard drives and tape.
He described demand as “extremely strong,” with DRAM, NAND and hard drives effectively sold out in some areas. That backdrop supports suppliers such as Micron, which participates in both DRAM and NAND markets.
Price Action: Sandisk shares were down 2.07% at $1365.99, Micron Technology shares were down 2.13% at $911.40 and SK hynix shares were down 2.90% at $141.88 during premarket trading on Friday, according to Benzinga Pro data.
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