Memory Stocks Rally as Bitcoin Stays Range-Bound

The US equity market saw gains on Thursday, driven by AI-linked memory stocks. The Invesco QQQ Trust rose 1.14%, ProShares UltraPro QQQ ETF gained 3.35%, and SPDR S&P 500 ETF advanced 0.67%. This trend is supported by the broader technology trade.

The strongest gains were seen in memory and storage, with SanDisk jumping 13.59% after its Investor Day, where it announced mid-to-high-teens revenue growth from fiscal 2028 through 2030. Western Digital gained 7.29%, SK hynix rose 7.23%, Micron Technology added 4.21%, and the Roundhill Memory ETF climbed 3.85%. NVIDIA was up 0.54% in the broader semiconductor complex.

The AI infrastructure demand and customer agreements are expected to drive SanDisk's growth, and expectations of stronger shareholder returns from Samsung and SK hynix could provide another catalyst for the memory sector.

Bitcoin, however, remains range-bound, hovering near $63,460. Softer US inflation data produced only a limited reaction, reinforcing its recent pattern rather than starting a clear new trend.