Sandisk's earnings growth makes its valuation look unusually low, with guidance showing no slowdown. Revenue rose 378% year over year, and $52.5 GAAP EPS implies a 6.1 annualized P/E, below Micron's. Sandisk's roughly 85% gross margin also compares favorably with SK hynix's apparently sub-50% NAND margin. Next-quarter guidance calls for $12.2 billion-$12.6 billion of revenue and $55-$57 non-GAAP EPS. x.com  x.com  x.com 

The valuation gap favors SK hynix and Samsung over Corning, Seagate and Western Digital. Companies trading at 20x are still called cheap while the memory makers trade at 2x; Corning is not cheap on a $4 run rate even with growth, and neither are Seagate or Western Digital. The gap should narrow as memory rises while HDD stalls. x.com  x.com 

Kioxia's warning that the NAND price surge is ending makes memory suppliers unattractive at this stage of the cycle. Memory is the most cyclical corner of tech; the time to buy is when margins look terrible, not after prices have surged and a supplier signals the turn. x.com 

SK hynix's record earnings and five-year volume and spec agreements make its valuation look too low. Quarterly revenue reached KRW104.62T, up 32%, and operating profit hit $63B against a $785B market cap, below AMD's and less than half Tesla's. Its planned KRW100T (~$75B) shareholder return would be one of the world's largest, signaling conviction and unusual demand visibility. AI-inference 3D DRAM is coming by 2030; a reasonable valuation is all that is sought. x.com  x.com  x.com  x.com  x.com  … Show more

Reported profits make memory makers look exceptionally cheap. Micron, Samsung, SK hynix, Kioxia and SanDisk have $727.2B annualized operating income and $280B net cash against $2.8T market cap: under 3.5x EV/operating profit, under 3x looking to 2027. Cloud revenues are accelerating; hyperscalers say compute remains constrained and 2027 capex will rise sharply despite unchanged Q4 budgets. Bloom Energy and Celestica expect stronger growth and margins in 2027, though their shares remain weak. … Show more

Samsung's and SK hynix's NAND franchises are threatened by YMTC, which should pass Kioxia first. YMTC's IPO filing shows an 84% gross margin on bare NAND die, above 70% on finished SSDs, as the shortage makes the low end the most profitable. It is #3 in shipments at 14%, level with Kioxia, and its RMB 33bn IPO funds capacity to pass Samsung and SK by end-2027 as they starve NAND capex for HBM. China's self-sufficiency push can speed its eSSD qualification; the shortage keeps margins fat for now. … Show more

Sandisk's fast-growing data-center revenue strengthens its case among memory names with upside. Data-center revenue rose 61% quarter over quarter; revenue of $11.03B, adjusted EPS of $49.51 and adjusted gross margin of 85.1% all exceeded estimates. For upside among Micron, Sandisk and Kioxia, Micron ranks first, then Sandisk, then Kioxia, until further guidance. x.com  x.com 

SK hynix should reprice strongly because its blowout earnings make the case that memory is structurally different now. At the current earnings pace, it would earn back its entire market cap in two years; buybacks and dividends also return cash to shareholders and add to value. x.com 

Samsung, SK hynix and Micron could lead the crash just as they led the rally, now that the memory cycle is turning. The three control about 90% of global DRAM, with shares of 37%, 29.9% and 22.9%, and memory prices drove the AI boom higher. A quoted post adds that they are being sued for allegedly engineering the DRAM shortage by using the AI boom as cover to cut regular memory supply, with DRAM prices up 500-700%. x.com 

Rising memory contract prices strengthen the case for memory stocks still far below their highs. JPMorgan forecasts Q4 DRAM prices up 13% and NAND up 18%; Micron is 28% below its 52-week high, Seagate 44%, Sandisk 47% and Western Digital 55%. x.com