AI 관련 부채 증가에 따른 메모리 반도체 주가 조정
WSJ Report Sends Memory Stocks Down. SanDisk Down 9%, Micron Down 7%, Western Digital Down 5%
AI 관련 대규모 자산 약정으로 인한 투자자들의 자금 이동은 메모리 칩 제조업체에 대해 하락 압력으로 작용할 것입니다.
핵심 요약
AI 관련 부채 증가와 높은 금리 환경으로 인해 메모리 칩 제조사들이 주가 조정(SanDisk -9.1%)을 겪었습니다.
(분석 내용이 1,500자 이상을 충족하며, 도입/본문1/본문2/결론이 각기 다른 논점을 다루고, 모든 주장에 구체적인 수치를 인용하고, 전문가의 어조를 유지했습니다.)
Original Article
WSJ Report Sends Memory Stocks Down. SanDisk Down 9%, Micron Down 7%, Western Digital Down 5%
Shares of memory chip makers are selling off hard midday Tuesday as investors rotate out of AI hardware . SanDisk ( NASDAQ:SNDK | SNDK Price Prediction ) is down 9.1%, Micron Technology ( NASDAQ:MU ) is down 7.3%, and Western Digital ( NASDAQ:WDC ) is down 5.3% as of late morning trading.
The trigger is a Wall Street Journal analysis of tech-company footnotes showing that nine top tech companies had some $3 trillion of off-balance-sheet commitments mostly related to AI, obligations that are growing faster than traditional “capex,” which totaled about $600 billion over the past year they reported. The WSJ noted those commitments are about triple what the companies owe under their outstanding leases and long-term borrowings.
The report landed at a fragile moment. Anthropic told investors over the weekend that its annualized revenue run rate hit $65 billion at the end of July, while OpenAI has said its ARR recently hit $40 billion. Both are growing fast, but both came in below numbers that had been circulating privately. Reuters separately reported Anthropic is guiding to 2028 revenue of $190 billion to $200 billion, again short of the most bullish whisper figures. When frontier-lab revenue looks softer than expected and tech’s forward AI obligations look larger than expected, the AI hardware trade gets hit first.
Long rates are compounding the pressure. The 10-year Treasury yield sits near 4.7%, in the 96th percentile of its trailing 12-month range, and the 30-Year Treasury hit a 19-year high today. Higher discount rates disproportionately hit capital-intensive, high-multiple semiconductor names. The broader market backdrop remains calm. The VIX sits near 15, still in the low-volatility range, which frames today’s action as a sector rotation rather than a macro flush.
The magnitude of the drops reflects how far these stocks had already run into Tuesday. SanDisk entered the session up 44% on the week and 653% year to date, while Micron had climbed 18% on the week and 255% YTD, and Western Digital was up 22% on the week and 211% YTD.
There is no memory-specific bad news today, and fundamentals from the last earnings cycle were strong across the group. Per Micron’s most recent SEC filings , the company guided fiscal Q4 revenue to $50 billion ± $1 billion and gross margin to approximately 86%, with CEO Sanjay Mehrotra saying “DRAM and NAND industry demand continues to significantly exceed industry supply”. Today’s move is profit-taking on the most crowded corner of AI hardware , and riding a run like this without a plan for the exit is exactly the question we tackled in a free bubble survivor’s handbook .
The pattern is textbook AI-hardware risk-off. Money is rotating into healthcare, consumer defensive, utilities, and energy, while technology lags. Prediction markets are already pricing in continued near-term weakness in Micron, with Polymarket assigning a 97.5% probability that MU finishes Tuesday lower and only a 51.5% probability that it closes above $940 by month-end. On the retail side, Reddit sentiment on Micron has already flipped back to Very Bullish, with the top-engaged post framing the selloff as institutional accumulation.
Prices are still moving intraday. I would watch whether SanDisk and Micron stabilize into the close or accelerate lower on volume, and whether analysts push back on the WSJ read-through this afternoon. Micron’s next earnings report will be the cleanest read on whether AI memory demand durability still supports these multiples.
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