Sandisk (SNDK) fell 14%, Micron (MU) 10% and Seagate (STX) 12% after Qualcomm (QCOM), a top phone chipmaker, reported handset chip revenue down 26% to $5.14 billion in the quarter to Sept. 27, citing industry-wide memory dynamics. Sandisk's own Edge revenue, from phones, PCs and cars, rose 320% year over year despite 20% fewer exabytes shipped, as price drove results. Analysts still expect Sandisk's normalized EPS to more than triple to $227.80 in fiscal 2027, with multiyear contracts supporting a gross margin of about 80%. The shares trade at 4.4x forward earnings, the lowest in a year and below the 10.8x average, and the author says the selloff has run ahead of the damage.
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semiconductorsMicronmemory chipsearnings
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Related tickers and likely impact
QQQ
▼ Likely negativeInvesco QQQ Trust
Relevance: low
| Market | US stocks |
|---|---|
| Sector | ETF |
| Close on 11/04/2026 | 691.95 |
| Change that session | +0.97% |
AAPL
• NeutralApple Inc.
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Information Technology |
| Industry | Technology Hardware, Storage & Peripherals |
| Market cap | $5.1T |
| Close on 11/04/2026 | 349.62 |
| Change that session | +5.34% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
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