Sandisk and Micron Stocks Rise Amid Nvidia AI Boost

SanDisk and Micron stocks rebounded following Nvidia CEO Jensen Huang's comments on the AI revolution. The move also coincided with a partnership between Nvidia and SK Hynix, which may potentially impact Micron's market share.

On June 8, shares of SanDisk and Micron Technology skyrocketed as the AI chip stock sector experienced a massive resurgence sparked by Nvidia CEO Jensen Huang's statements that AI is in its early stages and . Huang's optimism on the AI sector's future fueled a market uptick .

This optimism also boosted shares of Sandisk which have been impacted by AI driven memory demand. Two analysts' predictions also contributed to SanDisk's boost. Bank of America raised its price target to $2,100, from $1,550 and maintained a 'buy' rating for the firm. Similarly, a research note by BofA Securities suggested a price target hike for SanDisk.

Micron rebounded as well despite some analysts' warnings about the market facing correction risks amid high valuations and rising interest rates . Nonetheless, its stocks also received price target hikes as a result of the renewed memory trade. Morgan Stanley revealed that Nvidia's preference for SK Hynix may potentially be a positive indicator for Micron.