Seven companies that make the chips and drives AI data centers store data on. Every one posted record revenue in its latest quarter, and every one trades 25–63% below the all-time high it set in June 2026. All prices and financials on this page are in US dollars. This page puts the books next to the share prices and lays out why the market is selling.
Bar = price as a share of the all-time high. Tap any card for its price chart (1D to 1Y, candles or line).
Hyperliquid perps, 24/7. OpenAI (io:OAI) and Anthropic (io:ANTH) are pre-IPO markets run by Entropy: the price is the market's implied company value in billions of dollars (1,920 = $1.92tn), not a share price, and they trade thinly, so treat them as sentiment rather than a valuation. Tap a card for its chart.
Hyperliquid perpetual markets, all quoted in USD and trading 24/7. Gold is per troy ounce, silver per ounce, oil per barrel. Crude oil = Brent (xyz:BRENTOIL); WTI oil = NYMEX WTI crude (xyz:CL). Change is versus 24 hours ago. Tap a card for its chart.
Hyperliquid index perps, quoted in index points and trading 24/7: S&P 500 (xyz:SP500), Nasdaq 100 (xyz:XYZ100), Nikkei 225 (xyz:JP225) and KOSPI 200 (xyz:KR200, the index SK hynix and Samsung dominate). Outside exchange hours they keep trading, so they can differ from the last official close. Tap a card for its chart.
DRAM (Roundhill Memory), SMH (VanEck Semiconductor), SOXL (3× semiconductors), EWY (MSCI South Korea) and KORU (3× South Korea). SOXL and KORU are 3× leveraged daily funds, so they move about three times as much as what they track. Tap a card for its chart.
Market cap = live price × shares outstanding. Share counts: Micron, SanDisk, Seagate, Western Digital, Nvidia and Applied Optoelectronics from their latest SEC filings (Aug–Oct 2026); SpaceX 13.58bn, Alphabet 12.23bn (all classes), Meta 2.55bn (all classes) and Cerebras 238m shares; SK hynix and Samsung implied from Korea Exchange market caps (Samsung includes its preferred shares); Kioxia after its 1:3 split on 1 Oct. Buybacks change these slowly, so treat caps as accurate to a few percent. Last quarter revenue is each company’s most recent reported quarter (SEC filings and company releases; Samsung is its preliminary July–September figure and covers the whole company, not just memory). Won and yen revenue are converted at that quarter’s average exchange rate, so YoY growth is the company’s reported rate in its own currency. Price/sales = market cap ÷ (last quarter revenue × 4; CXMT’s half-year revenue × 2). CXMT only reports half-yearly so far; its share count (~65bn) is implied from its 3.2tn-yuan debut value at 49 yuan a share, so its cap is approximate. OpenAI and Anthropic are private: their “market cap” is the implied value traded on Hyperliquid, and revenue is not published. Next report dates are the companies’ announced dates where available. Tap a row for its chart.
Prices are the latest available, not June figures. June is when each stock set its all-time high; that column shows the peak and its date so you can measure the drawdown. Korean and Japanese shares are converted to USD at each day’s exchange rate, so the USD peak can fall on a different day than the local one, and a stronger won since June has softened the USD drawdown for SK hynix and Samsung. After-hours is the latest US extended-session trade. "Run-rate P/E" = market cap ÷ (latest guided or reported quarterly net income × 4); it assumes profits hold flat for a year, which is exactly what the market doubts. Market caps are approximate (share counts from filings, buybacks ongoing).
Every quarter was re-pulled and cross-checked against annual totals. Where a figure looks odd, it is what the company reported, and the reason is below.
| Company | Source checked | Cross-check | Anomalies and why |
|---|---|---|---|
| Micron | SEC filings (XBRL), FQ4-26 8-K | 4 quarters sum to FY totals; FQ4-26 matches 8-K exactly | FQ2-24 net > operating profit (tax benefit) |
| SK hynix | Company releases 4Q23, 4Q24, 4Q25, 1Q26, 2Q26 | Quarters sum to FY23, FY24, FY25 revenue, OP and net | 2Q26 net ₩93.9tn > revenue ₩79.3tn: ~₩40tn Kioxia-stake gains, confirmed in the company release (118% net margin). 1Q25, 3Q25, 1Q26 also lifted by Kioxia gains |
| Samsung | Company releases, Korea Times, JoongAng, Notebookcheck | 2024 and 2025 quarters sum to FY; Jan–Sep 2026 total matches | Q1-26 net corrected to ₩47.22tn (was an estimate). 2023 quarters sum to ₩15.3tn vs ₩15.5tn reported (minority-interest rounding). Q3-26 net not yet released |
| SanDisk | SEC filings, FQ4-26 release | FY26 = 4 quarters; FQ4 matches release | FQ3-25 −$1.9bn: goodwill impairment |
| Kioxia | Reuters table, TrendForce, Blocks & Files | FY25 revenue ¥2,337.6bn and net ¥554.5bn reconcile with quarters | 3 quarters derived from totals (marked ≈). Quarterly operating profit not published in sources used |
| Seagate | SEC filings, FQ4-26 8-K | FY = 4 quarters; FQ4 matches 8-K | FQ4-24 net > operating profit (non-operating/tax items) |
| Western Digital | SEC filings, FQ4-26 release | FY25 and FY26 restated HDD-only totals reconcile | Corrected: now starts FQ1-25 and uses continuing-operations net income (earlier version mixed in flash-era profit). FY26 GAAP net inflated by SanDisk-share gains |
Korean and Japanese figures are converted to USD at each quarter's average exchange rate; hover any quarter to see the originally reported won or yen amount.
No company has cut guidance. The selling is about what investors expect profits to look like in 2027–2028, plus a set of market shocks stacked on top of each other.
Move the slider to assume how far annual profits fall from today's run-rate (latest quarter × 4). Positive values mean profits keep growing. The table shows the P/E at today's price.
Reading it: at today's prices the memory makers are priced as if profits fall by roughly half or more within two years, which is what happened in every past cycle. The HDD makers (Seagate, Western Digital) trade at roughly 20–23× because their supply is tight and their pricing is more stable. If memory profits only drift down 20–30%, the stocks look cheap; if the 2023-style collapse repeats, they do not.
Research, not investment advice. Figures are GAAP / K-IFRS / IFRS as reported unless marked; "≈" marks values derived from reported totals or growth rates. Samsung Q3 2026 is preliminary (net profit not yet disclosed). SK hynix Q3 2026 and SanDisk, Seagate, WD, Kioxia September-quarter results are due in late October.