Micron and SanDisk shares fell about 1.5% to 2% in early premarket trading Thursday, extending a second day of weakness across memory stocks after strong recent gains. Investors reduced exposure ahead of Micron’s fiscal fourth-quarter report on September 30, when the company is expected to address memory pricing, demand, margins and its fiscal 2027 outlook. Michael Burry’s disclosed short positions in Micron and other AI-linked stocks have added caution around memory-chip valuations and the risk of another cyclical downturn. Micron recently reported record fiscal third-quarter revenue of $41.46 billion and guided for about $50 billion in fiscal fourth-quarter revenue, with gross margin near 86% and non-GAAP earnings of about $31 per share. Competition is also intensifying as Samsung has begun commercial shipments of HBM4 (high-bandwidth memory for AI systems), using a 4nm logic base die. SanDisk’s latest quarterly report included sharp revenue growth and a $14 billion share repurchase authorization, keeping attention on NAND (flash storage memory) demand and pricing. Micron also faces a labor issue in Taiwan, where workers threatened industrial action over profit-sharing demands. Despite this week’s declines, both stocks remain sharply higher in 2026, leaving them sensitive to earnings expectations, pricing growth and customer spending next year.