Micron vs. Sandisk: Micron wins on DRAM and NAND mix

Micron and Sandisk have both delivered stellar returns in 2026, driven by demand for memory chips used in AI data centers. Sandisk's 480% gain outpaces Micron's 220%, but Micron's business mix gives it an edge. Micron sells both DRAM and NAND flash, while Sandisk is a pure-play NAND manufacturer, so Micron benefits from demand across both memory types. DRAM alone produced 73% of Micron's top line last quarter, nearly $40 billion in revenue. Micron also has exposure to high-bandwidth memory, where sales are growing faster than conventional DRAM, and management has raised HBM pricing significantly for 2027. Industry signals point to widening memory shortages: ASML noted shortages are growing in size and time horizon, and SK Hynix expects DRAM undersupply to widen in 2027 with new capacity only coming online in June 2029. Those conditions suggest Micron's DRAM business is poised for healthy growth over the next three years.