TLDR
- Micron, Samsung, and SK Hynix are all down more than 20% from recent highs, entering bear market territory
- Samsung reported a 19-fold surge in operating profit, but investors sold the news anyway
- Semiconductor stocks have lost roughly $1.5 trillion in market value since June 25
- 25 semiconductor names are now down at least 20% over the same period
- SK Hynix’s upcoming US listing is now seen as a sentiment test for the sector
Memory stocks have entered a bear market. Micron, Samsung, SK Hynix, and the Roundhill Memory ETF are all down more than 20% from their recent closing highs.
The sell-off came even as Samsung posted strong numbers. The company reported a 19-fold surge in operating profit, with preliminary estimates pointing to around $59 billion in operating profit and $113 billion in sales. Investors sold anyway.
That “sell the news” reaction spread quickly across the sector.
Western Digital fell nearly 9% on Tuesday. SanDisk, Intel, Applied Materials, and Lam Research each lost more than $100 billion in market value. In total, semiconductor stocks in Yahoo Finance’s tracked basket have shed roughly $1.5 trillion since June 25.
That is seven trading days.
Twenty-five semiconductor names are now down at least 20% over that same stretch. The list includes Western Digital, Seagate, Teradyne, ON Semiconductor, and GlobalFoundries.
Why the Sell-Off Feels Different This Time
Earlier dips in memory and chip stocks since the late-March market low were bought quickly. This one has lasted longer and pushed key names through the bear-market line.
The broader PHLX Semiconductor Index would still need to fall another 9% to enter a bear market itself. But the pressure on memory names is sharper.
Micron alone is down nearly $350 billion in market value since June 25.
Despite the drop, the group is still sitting on a median gain of close to 60% since late March. The sector has added nearly $5 trillion in market value over that period, so this is a correction from elevated levels.
SK Hynix US Listing Now a Sentiment Test
SK Hynix’s planned US listing, which was set to arrive as a celebration of the memory boom, now lands in tougher conditions. Analysts are watching it as a gauge of investor appetite for the sector.
The question being asked is whether a high-profile listing at this moment validates the trade or signals that too much good news is already priced in.
Some fund managers are staying calm. Mikhail Zverev, co-manager of the Amati Global Innovation Fund, said the correction looks like overextended money pulling back rather than a fundamental breakdown.
But he flagged a longer-term concern. He pointed to Chinese memory makers Yangtze Memory Technologies and ChangXin Memory Technologies as a growing competitive threat to Samsung and its peers.
“We’re still holders of Samsung Electronics, but we’re a lot more nervous holders than we were this time last year,” Zverev said.
Western Digital’s next earnings report is estimated for July 29, 2026. Analysts expect earnings per share of $3.27, up from $1.66 a year ago. The stock still carries a Buy rating with an average price target of $542.31 across 46 analysts.
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