Micron Rebounds Back Above $900
Micron rose $26, or 2.98%, to close at $903 on the 26th, reclaiming the $900 level. Earlier, China's ChangXin Memory Technologies (CXMT) unveiled its next-generation DRAM "4F²" technology, sparking concerns over a sharp expansion in future supply. Related stocks came under heavy selling pressure from mid-October, with Micron falling as low as $853 at one point. As the market gradually digested the uncertainty over the new technology, investors reassessed the medium- to long-term growth outlook, helping confidence across the global memory sector recover.
South Korean and Taiwan Memory Stocks Advance Together
South Korea's memory leaders joined the rally, with reports that SK Hynix is planning a special dividend program worth $12.1 billion, sending its shares up 5.18% on the 27th, while Samsung Electronics rose 4.23%, further lifting buying interest across Asia. In Taiwan, according to CMoney statistics, all memory-related stocks closed higher on the 27th. Nanya Technology closed up 6.52%, moving back above its six-month and 5-day moving averages, with heavy foreign net buying of NT$5.096 billion, while Winbond rose 5.5% with NT$3.627 billion in additional foreign buying, with the two stocks together attracting over NT$8.7 billion in inflows.
Rally Spreads Through Supply Chain as Institutions Focus on Supply-Demand Cycle
Beyond Nanya Technology and Winbond, eight other stocks — Powertech, ESMT, Phison, Macronix, Innodisk, Etron, Team Group and ADATA — all advanced, with gains ranging from 0.76% to 7.05%. Among them, ESMT and Etron both rose more than 5%, as the rebound spread from DRAM makers to testing and packaging, controller chips and memory modules. SinoPac Securities noted that investors should focus on how long the bull cycle can last, rather than short-term panic over a single technology announcement, adding that a technology breakthrough does not equal effective supply in the near term. Looking back at YMTC's unveiling of Xtacking technology in 2018 and CXMT's volume production of DDR4 in 2019, neither alone reversed the industry cycle, and the impact on 2027 supply and demand this time may be less severe than the market fears.
HBM4 and Long-Term Contract Coverage Seen as Next Key Drivers
SinoPac Securities further noted that investors should track whether CXMT can launch compliant products by year-end, the pace of monthly capacity expansion, absorption capacity in China's domestic market, and subsequent developments on the G5 platform. For Taiwan companies, institutional investors recommend watching whether long-term supply contract coverage and the share of customized products increase, to reduce exposure to standard memory price swings. Allianz Global Investors Asia semiconductor active fund manager Hsiao Hui-chung noted that AI demand is driving upgrades in high-end memory, and the market will closely watch HBM4 shipment progress and demand visibility. Growth momentum is shifting from improving supply and demand toward product-mix upgrades, and price quotes and mass-production progress will still need to be monitored to judge whether the rebound continues.