Micron Technology (MU), SanDisk (SNDK), and SK Hynix (SKHY) stocks are lower in Thursday's premarket trading. Micron stock was down 1.43% at $1,072.39, while SanDisk fell 1.09% to $1,674. SK Hynix stock was down 0.72% at $176.96. The declines come after Micron and SanDisk closed higher on Wednesday, while SK Hynix fell 2.36%.

There is no new negative catalyst driving all three stocks lower today. Instead, investors are dealing with broader pressure on technology stocks. Concerns from earlier this week are also weighing on memory-stock sentiment.

Meanwhile, investors are also reacting to Samsung Electronics (SSNLF) preliminary results, which showed record profit growth but missed the average analyst forecast.

Higher Oil Prices and Treasury Yields Add Pressure

The broader market is weighing on semiconductor stocks today. Brent crude rose above $104 per barrel, while the 10-year Treasury yield remained above 5.3%.

Higher oil prices can add to inflation concerns. Higher Treasury yields can also pressure high-growth technology stocks.

There are also growing concerns about the amount of debt needed to fund AI infrastructure. Broadcom (AVGO) and SpaceX (SPCX) are seeking large sums to fund their AI-related plans. This has raised concerns about competition for capital and rising funding costs.

Samsung's Strong Profit Growth Fails to Lift Memory Stocks

Samsung reported preliminary third-quarter operating profit of ₩107.4 trillion, nearly nine times higher than a year earlier. Revenue rose to about ₩195 trillion from ₩86.06 trillion a year ago. Strong demand for advanced memory chips drove the growth.

Still, operating profit came in below the ₩108.7 trillion analyst forecast. The muted reaction suggests investors are looking for results that beat already-high expectations.

For memory stocks, this means strong AI demand alone may not be enough to drive gains. Companies may need to deliver earnings above forecasts to keep the rally going. Samsung will release its full third-quarter results on October 29.

Micron's Taiwan Strike Vote Still Weighs on Sentiment

Micron's Taiwan labor dispute remains a concern for investors. Workers at its Taiwan facility voted overwhelmingly to authorize a strike, with about 99% of the 1,994 voters supporting the move. The vote has added another risk to Micron's supply outlook. The Taiwan facility produces DRAM and high-bandwidth memory products, which remain in strong demand from AI data centers.

Still, Wall Street remains bullish on Micron. D.A. Davidson analyst Gil Luria raised his Micron price target by 43% to $3,000 on Wednesday. It is now the highest target on Wall Street. Luria expects Micron's earnings growth to remain strong for three to five years.

He also expects memory demand to exceed supply through 2027 and 2028. His view suggests the recent concerns have not changed his longer-term outlook.

SanDisk and SK Hynix Also Face Separate Concerns

SanDisk's recent weakness is tied in part to concerns about the storage market. Toshiba plans to invest about ¥60 billion to double its nearline HDD production by fiscal 2027. The move raised concerns about competition across the storage market. Still, SanDisk and Toshiba have different storage products, and Cantor has called the recent SanDisk selloff a buying opportunity.

Meanwhile, SK Hynix also has a fresh development involving its Solidigm unit. Reports said Solidigm has selected Goldman Sachs and Morgan Stanley to lead a potential U.S. IPO. The offering could raise about $10 billion and value Solidigm at up to $100 billion.

The Solidigm IPO report remains a potential positive for SK Hynix. However, it has not been enough to offset broader pressure on Korean and semiconductor stocks today. SK Hynix has also said Solidigm is reviewing various options, with no specific IPO plans confirmed.

SNDK, MU, or SKHY: Which Memory Stock Has the Most Upside?

According to TipRanks' Stock Comparison Tool, all three stocks have a Strong Buy consensus rating. Micron has the highest average analyst upside at 49.83%, followed by SK Hynix at 42.89% and SanDisk at 30.32%.