Memory chip stocks are dropping hard and dragging the Nasdaq down with them, which is bad for anyone who piled into Micron or Samsung recently but not yet a sign the boom is over.

• Samsung's results came in slightly short and its plan to buy back its own shares was far smaller than investors hoped, sending the stock down sharply and pulling Micron and SanDisk down with it.
• Choosing dividends over buybacks hints the company thinks its own stock is near a high point.
• Chips are still in deep shortage, and research points to tight supply and rising memory prices lasting into 2027.
• The AI coding boom drove the biggest price spike, and there is no obvious next catalyst — robotics, AGI, and healthcare AI all look years away.
• Buyers of chips tend to over-order during shortages and cancel later, which is how these cycles usually end badly.

Outlook: The shortage should keep prices high for now, but with growth rates flattening and no new demand shock in sight, expect violent swings in memory stocks and dip-buying opportunities this week around Jackson Hole.