MU and SNDK Hold Firm While Semis Broadly Sell Off

Both Micron and Western Digital's flash storage unit (SNDK) closed up around 3% today. That's worth paying attention to when the Philadelphia Semiconductor Index has fallen close to 10% over the past week.

I've been tracking MU closely for a while now. The HBM story is the core thesis: demand for high bandwidth memory in AI training and inference is structural. It's not going away because the macro backdrop gets choppy. When a stock holds up on a week like this, that's often the market telling you the demand picture hasn't changed.

Valuation on MU still looks reasonable relative to the cycle and relative to where HBM pricing is heading. I'm not adding here at current levels, but I'm certainly not trimming either. The long-term setup for quality memory names in an AI infrastructure build-out remains one of the more straightforward compounding setups in the semiconductor space.

Ten years from now, the world will need significantly more advanced memory than it does today. That thesis doesn't change based on a seven-session PHLX drawdown.