Analysis · Segments

Are memory stocks cooling off?

9 August 2026 · 4 min read

The short version: yes, but not in the way a start-to-finish comparison shows. Over the ten sessions to 7 August 2026, memory and storage was the only one of six segments on this board whose sentiment did not rise. It finished at 33 against a complex reading of 59, with none of its four names advancing. Measured end to end the segment barely moved. Measured from its own high inside the window, it gave back almost everything it had gained.

The segment did not participate

Every other part of the AI supply chain rose over the same ten sessions. Memory did not.

Segment	27 Jul	7 Aug	Change
AI chips	31	67	+36
Optical & networking	34	65	+31
Equipment & EDA	32	49	+17
Power & systems	50	65	+15
Neoclouds	33	45	+12
Memory & storage	35	33	−2

Segment scores are weighted by market capitalisation, so this is not one small name dragging an average down. It is the group. On 7 August, none of the four memory names was advancing, while equipment and EDA had all seven of its names higher.

Why −2 understates it

Read only the endpoints and you would conclude almost nothing happened. Two of the four names actually finished the window higher on sentiment than they started: Micron at +3 and SanDisk at +5. That is an artefact of where the window opens - all four started weak.

The peaks inside the window are the more honest measure, because each of these names ran hard and then handed it back.

Name	Peak in window	7 Aug	Given back	Below 52-week high
Western Digital	76	11	−65	45.7%
SanDisk	70	16	−54	48.5%
Seagate	66	21	−45	29.0%
Micron	53	42	−11	30.1%

Three of the five lowest scores on the entire 34-name board are memory names. All four currently score negative on both momentum and strength against the complex, which is the combination that separates a name falling with the market from one falling against it.

Micron is not the same story

It is worth separating Micron from the rest. It sits at 42 and reads Neutral rather than Cool or Frozen, it gave back the least, and its five-day price change on 7 August was positive at +6.6%. What holds it down is relative: it is rising more slowly than the complex around it, so its strength component is negative even on green days. Micron is lagging. SanDisk and Western Digital, at 48.5% and 45.7% below their 52-week highs, are doing something else.

What would change the read

The score is built entirely from price and volume and has no view on why anything happened. It does not know about contract pricing, HBM allocation or capacity decisions, and it is not forecasting. What it would take to flip the segment is mechanical: momentum turning positive, and the group outpacing rather than trailing the complex. Both are visible day by day on the memory segment page and in the daily movers.

One caveat worth stating plainly: ten sessions is a short window, and the whole board rose sharply within it. A segment can look weak simply because everything else was strong.

Figures are the close of 7 August 2026, the most recent completed session at the time of writing. The live cards above update with the market; the tables do not.

Frequently asked questions

Are memory stocks cooling off?

On this board, yes relative to the rest of the AI complex. Over the ten sessions to 7 August 2026, memory and storage was the only one of six segments whose sentiment did not rise, finishing at 33 against a complex reading of 59, with none of its four names advancing.

Which memory stock is holding up best?

Micron. It scored 42 on 7 August 2026, reading Neutral rather than Cool or Frozen, and gave back 11 points from its peak inside the window against 45 to 65 points for Seagate, SanDisk and Western Digital. Its five-day price change was positive, but it was still rising more slowly than the complex.

Why did the segment score fall only 2 points if the individual names dropped so much?

Because the window opens with all four names already weak. Start-to-finish, Micron and SanDisk actually finished higher than they began. The larger move is from each name's peak inside the window to where it ended, which ranges from 11 points for Micron to 65 for Western Digital.

Does a low sentiment score mean a memory stock is cheap?

No. The score describes how a stock is behaving, not what it is worth. It contains no earnings, margin or valuation input at all, so a low reading is a description of recent price and volume behaviour rather than a signal that a name is undervalued.