AI stocks stage a comeback, but Apple slides after the iPhone maker's guidance fails to meet investors' high bar.
Memory stocks including Micron Technology, SK Hynix and SanDisk fell sharply on Friday as disappointing earnings from Amazon and Intel triggered a broader sell-off in technology and semiconductor shares. Micron MU declined about 5%, while SK Hynix fell over 7% and SanDisk dropped more than 10% despite reporting stronger-than-expected fiscal first-quarter earnings and issuing an upbeat outlook, ...
China's ChangXin Memory Technologies (CXMT) reported a more than sevenfold increase in third-quarter revenue on Friday, benefiting from a never-ending demand for memory chips used in artificial intelligence infrastructure amid a squeeze in global supplies. The results underline the Chinese chipmaker's growing position in the global memory industry, where established players such as Samsung Elec...
SanDisk stock (NASDAQ: SNDK) extended its decline after Thursday's earnings announcement, despite the memory maker reporting a 378% jump in quarterly revenue and stronger profits than Wall Street expected. The stock fell another 3.8% in late trading after sliding 5.3% during the regular session to $1,330.05.
One of the market's hottest artificial-intelligence companies just impressed with its latest earnings commentary. Sandisk gave a forecast that calls for $12.2 billion to $12.6 billion in revenue during the December quarter, whereas analysts tracked by FactSet had been looking for $12.3 billion.
Sandisk beat estimates for its fiscal Q1 and with its outlook for fiscal Q2 and announced an eight-for-one stock split.
The company posted net income of $8.1 billion in the first quarter as the AI buildout drives memory demand skyward.