Micron Surges Nearly 6% as SK Hynix Reports 632% Profit Jump and Calls Memory Sold Out Through 2029

Micron Technology shares jumped 5.87% on October 28, 2026, riding a powerful sympathy rally triggered by rival SK Hynix's record third-quarter results. SK Hynix reported 632% operating profit growth and revenue above 100 trillion Korean won, sending its U.S.-listed shares up 8% in premarket trading to $156.78 and its Korea-listed shares up 11% on the day. The South Korean chipmaker's chief financial officer said DRAM and HBM output is effectively sold out through 2029 and expects supply to trail demand through 2030, a supply-shortage call that reverberated across the memory sector.

Micron, AMD, and Broadcom led the chip sector higher for a third consecutive session, with SanDisk also gaining around 4%. Susquehanna analyst Mehdi Hosseini maintained a neutral rating on SK Hynix but said he favors Micron and Samsung on a relative basis, citing valuation. One separate analysis noted Micron has beaten earnings expectations for eight straight quarters yet the stock still sits roughly 15% below its level from a month prior, suggesting further upside potential as the next earnings cycle approaches.

The rally drew attention to Senator John Fetterman's purchase of Micron shares on April 7, 2026, at what proved to be a cycle low, a trade now showing roughly 200% gains. Fetterman sits on the Senate Commerce Committee, which oversees CHIPS Act funding; Micron received $6.165 billion from the program, the largest single award in the initiative. Samsung's upcoming quarterly results are being watched as the next major test for the memory trade, with MarketWatch noting those figures will serve as the next barometer for a sector rebounding from recent lows. The broader market context on the day included the Federal Reserve holding rates steady at 3.75% to 4% and the 10-year Treasury yield rising to 5.05%.