BlockBeats news, June 8: NVIDIA CEO Jensen Huang, speaking at an event today, commented on last Friday’s sharp decline in AI-related stocks: “We are at the beginning of the AI revolution. Regardless of what happens in the stock market, you should be happy—because now you can finally buy high-quality assets at a discount.” Huang emphasized that AI infrastructure is only just getting started, and short-term market fluctuations are merely offering “coupons” for long-term investors.
However, this optimistic statement did not immediately boost South Korea’s domestic memory giant SK Hynix. Affected by the lingering sell-off in global tech stocks, SK Hynix plunged nearly 10% shortly after opening on the Korean stock exchange today, ultimately closing down approximately 7.68% at KRW 1,911,000, continuing the downward pressure on the AI memory sector.
The U.S. stock market outlook is relatively optimistic, with pre-market gains including STX up 2.53%, WDC up 2.67%, SNDK up 2.62%, and MU up 4.2%.
In contrast, Kal Ackerman, an analyst at Raymond James Financial, presents a markedly different view, explicitly stating in his latest research report: “We expect the average selling prices of DRAM and NAND to peak by mid-2026,” with the average prices for both chips potentially beginning consecutive quarterly declines as early as early next year.
Ackerman stated that upward pressure on prices is coming from both supply and demand sides. On the supply side, the rise of Chinese manufacturers cannot be ignored; CXMT and YMTC are actively expanding production. On the demand side, while AI servers’ substantial memory purchases have driven price increases, they have also reduced purchasing willingness in other end markets.
However, Ackerman maintains a "Outperform" rating on Micron, as long-term pricing agreements should mitigate the impact. From a valuation perspective, the market has quietly adjusted expectations. According to FactSet data, Micron’s expected P/E ratio has surged from 4.4 times in April this year to 11.7 times currently. Ackerman believes this valuation already reflects the market’s forward pricing of slower contract price growth over the next one to two years, declining gross margins, and excess capacity.
Overall, according to CNN Markets data, approximately 50 institutional analysts maintain a 92% Buy or Strong Buy rating on MU, with only 6% Hold and 2% Sell ratings.