#美光涨超12%

“Violent rebound” in memory stocks: three-layer logic behind Micron’s surge of over 12%

On July 21, 2026, Micron Technology closed up 12.17%, with trading volume reaching $46.4 billion to rank first among US stocks, and its market value returned to the $1 trillion mark. This is not an isolated event—SanDisk rose more than 14%, SK hynix rose more than 13%, Seagate rose more than 11%, and nearly the entire memory sector climbed more than 10%. The Philadelphia Semiconductor Index jumped 5.21%, posting its largest single-day gain in nearly a month.

The direct catalyst came from Wall Street’s “price forecasts.” In a report on Monday, Morgan Stanley predicted that memory prices would rise at least 25% quarter-over-quarter in the third quarter, and that supply shortages could further intensify in 2027 to 2028. This assessment completely overturned the market’s pessimistic expectations that the memory cycle would top in the near term.

Fundamentals provided solid underlying support. Micron’s 2026 fiscal third-quarter revenue reached $41.46 billion, up 346% year over year, while its net profit margin hit 70%. In the earnings call, the CEO said that demand from the full industry chain for AI compute, intelligent agents, and automated driving—combined with rigid supply constraints—will keep the tight supply-demand landscape in place beyond 2027. The company has signed 16 strategic customer agreements, with a cumulative minimum contract value of about $100 billion.

An oversold rebound layered with the earnings-season window. Earlier, Micron’s stock price had pulled back by about 30% from its late-June peak. Its forward P/E once fell to as low as 5.5x. As major tech giants such as Alphabet are about to release earnings, the market expects AI capex to remain high, drawing inflows of funds to buy on dips.

A 12% one-day jump is both a valuation repair after an oversold move and a repricing of the long-term narrative around AI memory.