A Memory Shortage Until 2030? Why Semiconductor Stocks Are Rallying Again

Micron Technology and SanDisk shares rose 5.86% and 7.66%, respectively, on Wednesday, October 28, 2026, after SK Hynix forecast that memory demand could outpace supply through 2030. SK Hynix reported record third-quarter revenue of 104.6 trillion won, or $78.9 billion, up 328% from a year earlier, and operating profit of 83.3 trillion won, up 632% and above consensus estimates. More than half of its 2027 and 2028 capacity is already committed under long-term agreements. The rally cooled on Thursday: both memory stocks fell more than 3% in premarket trading, Microsoft and Alphabet reported quarterly capital spending below analyst estimates, and Samsung’s chip profit missed forecasts; SanDisk’s earnings were due after the close.