These Memory Stocks Are Getting Cheaper Despite Scorching Rally

Insatiable demand for memory chips has some of the industry’s top stocks defying the market’s math, becoming cheaper to own even as their share prices soar to nosebleed levels.

Sandisk Corp., which is up a whopping 482% this year to lead the S&P 500 Index, has seen its price-to-estimated earnings ratio plunge to below nine from 23 just a few months ago. Similarly, shares of Micron Technology Inc., which have leaped 172% in 2026 for the fifth best performance in the S&P 500, trade at less than nine times forward earnings, down from about 12 in February. Those are hefty discounts to the S&P 500, which is priced at roughly 21 times forward earnings.