Storage and Memory Stocks Surge: SanDisk Up 496%, Seagate 238%, Micron 208%, WD 171%
As of August 2026, storage and memory stocks have surged, with SanDisk up 496%, Seagate 238%, Micron 208%, and Western Digital 171% year-to-date. Market capitalizations reached approximately $244 billion for SanDisk, $220 billion for Seagate, $195 billion for Western Digital, and $1 trillion for Micron. SanDisk, Seagate, and Western Digital have launched buyback programs of $6 billion, $5 billion, and $4 billion, respectively; Micron has not. Gross margins improved sharply: Seagate's non-GAAP margin hit a record 47% versus 35% a year earlier, Western Digital rose to 51% from 40% five quarters ago, SanDisk jumped from 22% to 78% in a year, and Micron from 30% to 85%. Long-term supply agreements support these gains, though cyclical risks and potential overbuilding remain.
As of August 2026, several storage and memory companies have seen significant changes in share prices and market capitalization. SanDisk is up 496% year-to-date, Seagate 238%, Micron 208%, and Western Digital 171%. Their market caps are approximately $244 billion for SanDisk, $220 billion for Seagate, $195 billion for Western Digital, and $1 trillion for Micron. Among them, SanDisk, Seagate, and Western Digital have implemented large-scale share buyback programs of $6 billion, $5 billion, and $4 billion respectively, while Micron has not.
On gross margins, Seagate's non-GAAP gross margin for the latest quarter was 47%, a record, compared with 35% in the same period last year; Western Digital's was 51%, up from 40% five quarters ago; SanDisk rose from 22% to 78% within a year; Micron from 30% to 85%. All these companies have signed long-term supply agreements with customers, which SanDisk calls a "new business model" to maintain supply discipline. A year ago, SanDisk's buyback amount was sufficient to buy the entire company.
These companies have long been viewed as high-risk cyclical investments, having experienced sharp drawdowns after rapid growth in the past. In addition, data center construction faces opposition in some regions, but many towns are still willing to accept such projects. CoreWeave CEO Michael Intrator said in a recent interview that with strong demand, overbuilding is hard to avoid, but the timing remains unclear.