Micron stock price and Sandisk shares are drawing fresh caution from a Wall Street technician after a violent run-up in memory-chip stocks this year. BTIG chief market technician Jonathan Krinsky told Yahoo Finance that both names could be poised for pullbacks, saying the sector’s move has become extreme enough to make it one of the market’s most vulnerable areas for downside reversion.
Krinsky said Micron’s current stock price now sits more than 100% above its 200-day moving average, a gap he said is wider than anything seen even during the dot-com bubble. He also said Sandisk is trading 400% above that long-term trend line. Sandisk has skyrocketed 287% in 2026 and is up more than 2,843% over the past year, while Micron is up 60% this year and 561% over the past 12 months.
The numbers help explain why the debate has turned so sharply. Analysts estimate Sandisk will report fiscal 2027 earnings growth of about 133%, far above the 16% expected for the S&P 500 in the same period. Micron’s earnings are expected to nearly double year over year for that period. At the same time, estimates have been racing higher: Sandisk’s earnings forecasts for this fiscal year and next have increased more than five times in the past 90 days, while Micron’s current-year estimates have risen about two times and its fiscal 2027 estimates about three times.
That is the backdrop for a stock group that has become closely tied to artificial-intelligence spending. AI capital expenditures from hyperscalers such as Amazon have lifted demand for memory chips, which store and move data for AI models and have become one of the tightest parts of the AI supply chain. Micron, founded in 1978, and Sandisk, founded in 1988, both operate in memory chips, with Sandisk focused on NAND flash technology.
Not everyone sees the rally as fragile. Evercore ISI analyst Amit Daryanani said Sandisk is exposed to one of the most attractive parts of the AI infrastructure stack because demand for data storage is accelerating while supply remains constrained at minimum through 2028, and possibly beyond. He also said the current cycle appears structurally tighter and more durable, supported by AI-driven demand and sustained supply discipline.
The split view leaves the stocks at a crossroads: one camp sees stretched charts and a setup for reversion, while the other sees a business cycle still being pulled forward by AI and restricted supply. For now, the market is asking which force will matter more.