Postare

The earnings season for the storage sector has given a clear signal that performance can blow through the ceiling, but stock prices still fall. Financial report explosion is only the ticket, the guidance is the pricing anchor SanDisk's Q4 revenue was $8.97 billion, a year-on-year increase of 372%, far exceeding the expected $8.39 billion; Adjusted EPS is $39.25, with a gross profit margin of 84.6%, reaching a historical high. Western Digital's revenue was $3.75 billion, a year-on-year increase of 44%, which also exceeded expectations. Both companies delivered impeccable results, with SanDisk falling 7% after hours and Western Digital falling 11%. There is only one core reason: the guidance is not impressive enough. SanDisk's revenue outlook for the next quarter is $10.3 billion to $10.8 billion, with a median of $10.55 billion, lower than FactSet's expected $11.148 billion. Western Digital also faced disappointment of "not enough surprises." Citigroup lowered its target price for SanDisk from $2,500 to $2,100. What the market wants is not "good," but "better than expected." When expectations have been pulled to the ceiling, any number below "perfect" is penalized. The three forces that crush the plate are fermenting at the same time The sell-offs of SanDisk and Western Digital quickly spread throughout the storage chain. Kioxia and SK Hynix plummeted by more than 10%, while Samsung Electronics fell by more than 6%. The KOSPI index fell by 5%, SK Hynix fell by more than 9%, and Samsung Electronics fell by more than 6%. Daxin Securities clearly pointed out that SanDisk's lower-than-expected performance guidance weakened the market's investment confidence in the storage chip industry, and the significant pullback in the semiconductor sector became the main reason for the decline in KOSPI that day. Nvidia is evaluating a reduction in the HBM configuration of the Rubin Ultra from HBM4e 12Hi to 8Hi or other options. The reason is that the overall DRAM shortage in 2027 limits HBM wafer production capacity,$BTC #$SNDK #存储股财报后下挫，AI内存牛市还稳吗？