Micron vs. Sandisk: 1 Artificial Intelligence (AI) Memory Winner Is Down 20% and Clearly the Superior Buy Today

Memory chip stocks have been some of the biggest winners in 2026, but have given back some of their gains recently. Both Micron (NASDAQ: MU) and Sandisk (NASDAQ: SNDK) are down about 20% from their all-time high, but I think one of them is clearly the better buy.

Which one of these two makes the most sense to invest in right now? Let's take a look.

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Micron has a wider net than Sandisk

There are two primary types of memory chips: NAND and DRAM. DRAM memory is used in computing units for quick information access and is only manufactured by Micron. NAND is used for long-term data storage, and both Sandisk and Micron make it. Each type of memory is in short supply, which is causing prices to skyrocket.

There really isn't much difference between the NAND memory that Micron and Sandisk produce. As a result, it's a commoditized product, as an AI hyperscaler could easily swap out a storage device with Sandisk or Micron memory in it without losing performance. Economic laws govern commoditized products, and when demand is high and supply is low, prices skyrocket.