# Micron, Samsung, SK Hynix just dragged memory stocks into a bear market > Source: > Published: 2026-07-07 15:45:49+00:00 The AI memory trade finally cracked. Micron ([MU](https://finance.yahoo.com/quote/MU/)), Samsung ([005930.KS](https://finance.yahoo.com/quote/005930.KS/)), SK Hynix ([000660.KS](https://finance.yahoo.com/quote/000660.KS/)) and the Roundhill Memory ETF ([DRAM](https://finance.yahoo.com/quote/DRAM/)) are all down more than 20% from recent closing highs, turning one of 2026's hottest trades into a bear market just as Samsung's record profit failed to impress investors. This embedded content is not available in your region. Samsung did not miss on earnings. Its estimates for operating profit of $59 billion and sales of $113 billion were monster numbers — which is what makes the sell-off more telling. The damage is no longer contained to a few memory names. Semiconductor stocks in Yahoo Finance's basket have lost roughly $1.5 trillion in market value since June 25, based on Tuesday intraday prices. Micron alone is down nearly $350 billion over that stretch. SanDisk ([SNDK](https://finance.yahoo.com/quote/SNDK)), Intel ([INTC](https://finance.yahoo.com/quote/INTC)), Applied Materials ([AMAT](https://finance.yahoo.com/quote/AMAT)) and Lam Research ([LRCX](https://finance.yahoo.com/quote/LRCX)) have each lost more than $100 billion. The sell-off has also broadened. Twenty-five semiconductor names in the group are down at least 20% since June 25, including Western Digital ([WDC](https://finance.yahoo.com/quote/WDC)), Seagate ([STX](https://finance.yahoo.com/quote/STX)), Teradyne ([TER](https://finance.yahoo.com/quote/TER)), ON Semiconductor ([ON](https://finance.yahoo.com/quote/ON)) and GlobalFoundries ([GFS](https://finance.yahoo.com/quote/GFS)). The bigger chip basket is not there yet. The PHLX Semiconductor Index ([^SOX](https://finance.yahoo.com/quote/%5ESOX/)) would need to fall another 9% from Monday's close to enter a bear market, making the memory-stock break the sharper stress point for now. The difference this time is follow-through. [Earlier memory and chip-stock dips](https://finance.yahoo.com/markets/article/wall-streets-hottest-trade-is-cracking-in-a-trillion-dollar-wipeout-184540683.html) since the late-March market low were bought quickly. This one has gone further, lasted longer and pushed the leaders through the bear-market line. That does not mean the AI memory trade is dead. The group is still sitting on a median gain of nearly 60% since late March and has added nearly $5 trillion in market value over that stretch. But it does mean the bar has changed. Friday's planned [SK Hynix US listing](https://finance.yahoo.com/markets/article/sk-hynix-seeks-28-billion-in-us-ipo-listing-as-memory-maker-rides-ai-wave-132016294.html) now arrives as a sentiment test, not just a victory lap. It echoes the question around [SpaceX fever testing the chip trade](https://finance.yahoo.com/markets/article/spacex-fever-is-testing-the-chip-trade-100000732.html) — whether a hot-theme listing validates the boom or marks the moment investors start wondering how much good news is already priced in. The memory shortage may still be real. The market's patience is not. *Jared Blikre is the global markets and data editor for Yahoo Finance. Follow him on X at **@SPYJared** or email him at jaredblikre@yahooinc.com.* **Click here for in-depth analysis of the latest stock market news and events moving stock prices** **Read the latest financial and business news from Yahoo Finance**