The memory complex lost several billion dollars of market value on Monday on the strength of a Weibo account. Reports circulating over the weekend, traced back to a pseudonymous poster called Mobile Chip Expert and relayed through Wccftech and AppleInsider, said the Trump administration may permit Apple to source DRAM from ChangXin Memory Technologies and NAND flash from Yangtze Memory Technologies, with a decision communicated after a Trump-Xi meeting expected around September 24. SanDisk traded down as much as 9% to $1,458.29. Micron and Western Digital fell around 7%. Eight days earlier, Commerce Secretary Howard Lutnick had told the Wall Street Journal that it is not great for American companies to be using Chinese memory, and the same names rallied hard on the session. A cabinet secretary on the record moved the group less than an anonymous leaker did. That is worth sitting with before anything else, because it says the complex is currently being priced on the policy narrative rather than on bits.

Monday’s memory tape looked like one trade and was actually two. Kioxia closed up 15.07% at ¥61,840 in Tokyo, inside a Nikkei that gained 0.74% to 69,220.25. CXMT closed up 12% at ¥61.80 in Shanghai, a record, lifting its market capitalisation to ¥4.13 trillion and holding the title of China’s most valuable listed company, which it took from Tencent on Thursday. Nanya extended a month that has now delivered more than 30%. Micron traded up 3% pre-market, SanDisk up 5%, and the SK Hynix ADR up 4%. South Korean markets were shut for a holiday.

Sandisk closed Wednesday at $1,350.50, down 5.4% on the session, then traded toward $1,257 after the fiscal fourth quarter release put first quarter revenue guidance at $10.3 to $10.8 billion against a consensus near $11.16 billion. The stock is up roughly 490% year to date and has been the best performer in the S&P 500 in 2026. Its fifty-two week range runs from $40.53 to $2,354.39, the high set on June 22, and market capitalization sits near $200 billion on 148.1 million shares outstanding. Beta is 4.13. The target here is $4,000 within twelve months, and the case for it is not an earnings case.