SK Hynix’s stock is trading at remarkably low levels—around five times next year’s earnings—even after revenue soared by 257%. The discrepancy underscores the memory chip sector’s vulnerability to sudden swings in market demand.

Erste Group analyst Hans Engel has upgraded Micron Technology to Buy after the memory-chip maker issued a surprisingly upbeat fourth-quarter outlook. Engel says the stronger guidance signals “a significantly better development than previously expected,” adding fresh momentum to a stock already riding Wall Street’s AI wave.