Memory chip stocks fall as Morgan Stanley flags 2028 earnings cliff debate

Cointime reports: Memory chip stocks fell on Nov. 10, with SanDisk and Seagate down more than 4% and SK Hynix, Micron and Western Digital each off over 3%. Morgan Stanley said the key concern for memory stocks is not data-center construction delays or AI demand but market skepticism over the “2028 earnings cliff” narrative, as supply catches up with demand. The bank cut its SK Hynix target price by 38.5% to 1.6 million won from 2.6 million won.