Micron gains NAND market share as memory sector valuations find support

Roundhill Investments chief investment strategist Drew Pettit argued on September 3 that memory-stock valuations make fundamental sense despite a recent sharp pullback that cooled investor sentiment. Micron captured additional NAND market share in the second quarter of 2026, moving to 15 percent from 13 percent as higher selling prices strengthened the company's competitive standing. The broader NAND market grew 70 percent in the second quarter following 90 percent growth in the first quarter, with prices climbing 55 percent sequentially. Pettit estimated the memory industry could triple revenue by 2030 and cautioned against relying on traditional price-to-earnings multiples, arguing that discounted cash flow analysis reveals embedded assumptions of 30 percent annualized earnings growth that Wall Street fundamentals suggest could exceed 35 percent. The analyst views recent stock-price reset as creating a buying opportunity, pointing to rising contract prices, improving estimates and substantial potential industry expansion.

1. Micron's NAND market share rose to 15% in Q2 2026 from 13% in Q1
2. NAND market grew 70% in Q2 2026, following 90% growth in Q1
3. NAND prices increased 55% sequentially in Q2 2026
4. Samsung held largest NAND share at 28%, down from 29% quarter-over-quarter
5. SK Hynix ranked second at 19%, up from 18%
6. Kioxia held 14% share, YMTC also reached 14%, up from 13%
7. Pettit estimates memory industry revenue could reach roughly three times current levels by 2030
8. Memory stocks currently price in roughly 30% annualized earnings growth over next five years