SanDisk and Micron hit record gross margins near 85%, backed by $16.5B and $22B in long-term customer commitments that structurally support those levels. NVIDIA cuts HBM content on Rubin due to supply shortages, not demand weakness, with Micron's CEO flagging tight conditions persisting past 2027. Bleeker pairs memory with Semtech as an optical hedge, with Semtech data center revenue up 39% and the stock up 178% over the trailing year.
It sounds nuts, but SoFi1 is giving new Active Invest users up to $3,000 in stock for a limited time, and all it takes is a $50 deposit to get started.2 See for yourself (Sponsor) On the most recent episode of The AI Investor Podcast from 24/7 Wall St., hosts Eric Bleeker and Austin Smith debated one of the most contentious calls in AI hardware right now: whether its time for investors to get out of memory stocks. The conversation centers on SanDisk (NASDAQ:SNDK), Micron Technology (NASDAQ:MU), Semtech (NASDAQ:SMTC), and NVIDIA (NASDAQ:NVDA). Bleeker discussed how social media last weekend had gone very negative on memory stocks, but he saw a path to lower margins and continuing strong profit growth in the years ahead.
After this segment was released, SanDisk released gross margin targets for 2028 to 2030 that sent the entire memory sector soaring again. The full episode is embedded below. This post focuses on the memory and optics segment specifically.
Other portions of the episode covering the SpaceX buildout economics and the newest portfolio addition are handled in separate recaps. The debate is grounded in what actually happened in market sentiment over the past week. Reddit chatter on Micron flipped bearish briefly on Sunday, August 9, 2026, with a sentiment score dropping to 35 on wallstreetbets around a thread titled "MU IV crush this week did more work than the stock ripping to $1255 ever did." On SanDisk, sentiment sagged into the 48-55 neutral range through Wednesday and Thursday.
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Bleeker detailed the debate on social media platform X, where the weekend turned into a debate around memory versus optics. He highlighted a post from Citrini analyst Jukan05 which spaked much of the debate. In it, Jukan argued: "I think the market ultimately has no choice but to go sell memory, long optical in the "short term." Actually, some hedge funds already seem to have this position on.
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