SanDisk and Micron Plunge as Memory Chip Stocks Lead Nov. 5 AI Selloff

Memory chip stocks were at the center of Thursday’s semiconductor rout. SanDisk (NASDAQ: SNDK) and Micron Technology (NASDAQ: MU) posted double-digit declines on Nov. 5, 2026, as investors dumped AI-linked chip names after this week’s midterm elections and fresh demand worries.

This article is for information only and is not financial advice.

How far did SanDisk and Micron fall?

Intraday reporting on Thursday put SanDisk among the worst-hit memory names:

• FXStreet said SanDisk was down more than 17% near $860, a level not seen since April, while Micron tumbled about 12% near $700.
• Yahoo Finance / Benzinga reported SanDisk shares down about 17% at $861.54 at the time of publication, after describing an almost 18% slide earlier in the session.
• Markets Insider / TipRanks framed the day as a continuation of Wednesday’s losses, when Micron fell about 7%, SanDisk about 8% and SK Hynix about 5%.

Exact closing prints can differ from those intraday snapshots; the consistent picture across outlets is a steep, multi-day drawdown concentrated in DRAM and NAND suppliers.

The broader tape was ugly too. FXStreet said the Nasdaq Composite was swinging to a loss of more than 4% in the morning session, with Nvidia and AMD also deep in the red as the AI trade unwound.

Why memory stocks sold off

Several themes stacked on top of each other:

Midterm regulation fears

FXStreet and Markets Insider both linked the selling to Democratic midterm gains and investor worries that a friendlier Congress for tighter rules on AI data centers could slow buildouts, raise costs or delay projects. Yorkville’s Dan Ives, quoted by FXStreet, argued Democratic control—especially of the Senate—could create hurdles for AI and tech legislation over the next two years and potentially stall hundreds of planned data centers.

That is market sentiment, not enacted law. Still, bears treated a cooler data-center pipeline as a direct hit to the “memory shortage” narrative that had supported DRAM and NAND pricing power.

Qualcomm and handset demand

Markets Insider said Qualcomm’s weak smartphone handset sales added pressure. Fourth-quarter revenue of $10.44 billion beat estimates but fell 8% year over year, with handset revenue down 26% to $5.14 billion—raising concerns that softer phone demand could weigh on DRAM and NAND orders.

Company-specific headlines

Micron has suspended construction of a planned $4.5 billion memory plant in Taoyuan, Taiwan, amid a labor dispute, Markets Insider reported, citing Bloomberg. Separately, FXStreet noted tensions around SK Hynix’s Dalian, China, expansion and U.S. export-license issues—another reminder that supply-side stories cut both ways for memory pricing.

Yahoo Finance also described a post-election rotation out of crowded semiconductor and AI supply-chain positions, with the iShares Semiconductor ETF (SOXX) and peers such as Seagate and Western Digital also lower.

Not every analyst sees lasting damage

The selloff did not erase bullish longer-term price targets overnight. Yahoo Finance cited a Buy consensus on SanDisk with an average forecast near $2,176, while noting recent mixed actions (including a Fox Advisors downgrade to Equal-Weight on Nov. 2). Markets Insider said analysts still carried Strong Buy consensus ratings on Micron, SanDisk and SK Hynix even as shares fell, with large implied upside from then-current levels.

Fundstrat’s Tom Lee, cited by Yahoo Finance, called the AI selloff an “overreaction” and said technology stocks could rebound if hedge funds rotate back before year-end. Ives, by contrast, warned semiconductors could fall another 10%–12% in the pullback.

FXStreet’s technical read put SanDisk’s RSI in deeply oversold territory (around 25) and flagged former resistance near $725–$775 as possible support—while stressing that a rebound depends on whether the darker AI-regulation scenario actually materializes.

What to watch next

For SanDisk and Micron holders and watchers, the near-term checklist is less about one session’s percentage move and more about:

• Any concrete U.S. or state-level rules that slow data-center construction
• Memory pricing and inventory commentary from suppliers
• Follow-through in SOXX and Mag7 names after the midterm-week volatility
• Updates on Micron’s Taiwan plans and SK Hynix’s U.S./China capacity timeline

Thursday’s tape showed how quickly a crowded AI-memory trade can reverse when politics and demand doubts arrive together.

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