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- Memory stocks are red-hot in 2026.
- Retail traders have piled into that trade, riding the wave of euphoria for AI-linked market bets.
- JPMorgan analysts say the memory stock rally has room to run with demand outlooks holding strong.
Memory stocks have been on a tear and it’s paying off for retail traders.
Everyday investors poured into memory stocks like Micron and SK Hynix in recent months, and the trend has continued as shares climb to fresh record highs, according to JPMorgan’s latest research.
“Despite strong performance—including Micron and SK Hynix crossing the $1T market-cap milestone on Tuesday—there is little evidence of broad-based profit-taking by retail investors across the group,” JPMorgan said in a note on Thursday.
Memory stocks have emerged as a key supply bottleneck in the next leg of the AI race. As AI shifts from the training phase to inference, memory chips are essential for storing the data that the tech relies on.
Micron stock is one of the best performers in the S&P 500 so far this year, roughly tripling year-to-date.
Sandisk tops the list as the S&P 500’s top performer in 2026, followed by Intel, and other memory chipmakers, including Seagate, and Western Digital.
Memory stocks are trading near record highs, but retail traders are looking to ride the wave higher, JPMorgan said, noting that there’s been “persistent and elevated” buying in names like Micron and Sandisk.
Micron was the most traded stock among investors on Fidelity’s platform on Thursday, with 60% of that activity being orders to buy.
“Memory/AI remains the clearest theme among retail investor,” the firm said, with Micron and Sandisk ranking among retail trader’ top picks since February.
JPMorgan’s analysts are bullish on the memory stock outlook even after stocks in the sector have already recorded enormous gains year to date.
“Looking ahead, our analysts remain constructive, as the financial outlook has strengthened since the March earnings call, with HBM, DRAM, and NAND tightness expected to continue well beyond CY26,” the analysts wrote.