Memory Stocks Fall While Margins Sit at 80%

SK Hynix and Kioxia reported operating margins near 80% for the third quarter, and memory equities still fell for two sessions: Kioxia 13.1%, SK Hynix 9.5%, Seagate 8.1%, Micron 7.0%, Samsung 7.6%. Contract prices for conventional DRAM are forecast to rise 10 to 15% in the fourth quarter, against 58 to 63% earlier in the year. The market is not disputing the quarter; it is pricing the next one, with smartphone units down 20% and handset chip revenue down 26% while AI servers remain the only strong buyer.