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Stock Focus: Will Memory Go the Way of Solar? (Part Two)

Mitesh Patel · Oct 15, 2026 · 11 min read

Part two takes the companies one by one: which memory makers are most exposed to China's rise, why the equipment makers are tied to it the other way, and who would gain if memory got cheaper.

The Question in Brief

Part one of this Stock Focus asked what happens to the memory-chip industry if China scales up the way it did in solar panels and batteries. It found that China's two memory makers are growing fast from a small base, and that the bigger risk to today's leaders is the industry's own boom-and-bust cycle, which Chinese capacity could make worse. This second and final part takes the companies one at a time: the makers, the companies that sell them their equipment, and the companies that buy their chips.

The worry has not gone away. From the close on Friday, October 9, the last before CXMT's announcement, to the close on Wednesday, October 14, Micron Technology fell 11.2%, SanDisk 11.3% and SK hynix's US-listed shares 12.7%. New figures from Counterpoint Research show why investors are paying attention: CXMT took 10% of DRAM revenue in the second quarter of 2026, against 4% a year earlier, and YMTC took 14% of NAND flash revenue, against 11%.

For information and education only; not investment advice. See the full disclaimer.

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