Today's US Stock Market Observations | After AI Pullback, Funds Target Memory and Storage

Goldman Sachs raised its price targets for SNDK, WDC, QCOM, and AMD, while JPMorgan sees the semiconductor pullback as an opportunity. On the surface, it looks like institutions are bullish, but the real core is that AI data centers are still expanding. Behind GPUs, memory and storage are becoming new bottlenecks.

SNDK is the most typical case, with Q3 revenue of $5.95 billion, up 97% sequentially, and data center revenue up 233% sequentially. MU is even more dramatic, posting Q3 revenue of $41.46 billion with an adjusted gross margin of 84.9%. This is not just a normal cyclical rebound—AI has restored pricing power to NAND, HBM, and high-end DRAM.

WDC and STX are benefiting from the data center storage recovery, while AMD is riding on demand for CPUs and AI accelerators. The logic is that the bigger the AI model, the more data there is, the more intensive training and inference become, and the busier storage, memory, and processors get.

But I don't recommend chasing stocks just because price targets have been raised. Stocks like SNDK and MU have already rallied significantly, and short-term pullbacks are normal. What's really worth watching is whether AI capital expenditures are slowing down, whether memory prices can hold up, and whether earnings guidance can continue to deliver.

My judgment is that the AI storage theme isn't over yet, but entry points shouldn't be driven by emotion. Pullbacks are worth watching, but going heavy requires both earnings and prices to provide confirmation.

#美股 #SNDK #MU #WDC #AMD