Memory stocks, particularly within the semiconductor sector, are showing technical recovery signs after summer consolidation. The DRAM ETF is testing summer highs above $62, while the DRAM/SMH ratio confirms relative strength of the memory segment within the semiconductor sector. Sandisk (SNDK) is trading in a range around $1,900 ahead of a bullish breakout, with a next twelve month P/E ratio of just 8.3x. On the fundamental side, UBS raised its HBM price growth forecast to 79% year-over-year for 2027, and Micron’s leading-edge capacity is reportedly sold out through year-end. The emerging consensus is that the sector’s fundamentals are shifting from cyclical to structural.
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