On June 25, 2026, shares of memory and storage companies surged following strong quarterly results from Micron Technology, with Sandisk gaining 21% and Western Digital 4%. The iShares Semiconductor ETF rose over 3% as investors showed optimism in the tech sector, particularly regarding capital spending in artificial intelligence. Despite Nvidia's slight decline, semiconductor stocks have driven a 27% rise in the tech sector year-to-date. Notable players like Micron, Samsung, and SK Hynix have reached $1 trillion valuations, highlighting the industry's growth.

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Sandisk, Western Digital, and others soar as Micron results 'justify elevated valuations'

Ines Ferré· Senior Business Reporter

Updated Thu, June 25, 2026 at 4:10 PM EDT1 min read

What happened: Memory and storage stocks rallied on Thursday. Shares of Sandisk ( SNDK) and Western Digital ( WDC) gained 21% and 4%, respectively, while chipmaker Qualcomm ( QCOM) and machine manufacturer Applied Materials ( AMAT) also rose.

What's behind the move: The iShares Semiconductor ETF ( SOXX) ticked up by more than 3% after Micron Technology's ( MU) blowout quarterly results reinforced the narrative that capital spending on artificial intelligence continues to accelerate.

That helped lift sentiment, "suggesting investors remain willing to look through short-term volatility as long as the earnings outlook continues to justify elevated valuations," Capital.com senior market analyst Daniela Hathorn said.

Meanwhile, AI chip heavyweight Nvidia ( NVDA) slipped after rival Qualcomm forecast $15 billion in new data center revenue as it heavily broadens beyond smartphones.

1,213.56 +165.64 (+15.81%)

At close: 4:00:01 PM EDT

MUSNDK NVDA

What else you need to know: Memory has been a major bottleneck in the artificial intelligence trade, with Micron leading the semiconductor complex.

Last month, Micron Technology, Samsung Electronics ( 005930.KS), and SK Hynix ( 000660.KS) all made headlines as they reached $1 trillion valuations for the first time.

Stocks across the semiconductor complex have been driving the overall tech sector ( XLK) up 27% year-to-date and a whopping 43% since the March 30 lows.

Ines Ferre is a senior business reporter for Yahoo Finance. Follow her on X at @ines_ferre .