Cramer Backs Micron Over SanDisk as Memory Stocks Rebound

Micron Technology (NASDAQ:MU) jumped 12.99% to $819.29 late Wednesday morning, November 11, 2026, after CoreWeave's (NASDAQ:CRWV) results calmed fears about the AI trade. Jim Cramer used the rebound to pick a side in memory. He said on CNBC: "This group is not going away. SK Hynix is not going away. Micron is not going away." He then named his preference: "I'm not a SanDisk fan. I'm a Micron fan." The view is long-held. In July he told viewers, "I've liked Micron for ages."

The rebound follows a rough month. Micron still sits 20.37% below its level a month ago. SanDisk (NASDAQ:SNDK) rose 16.34% on the day but remains down 36.75% over the past month. Both stocks fell fast when AI spending fears returned.

Why Memory Sits at the Center of the AI Buildout

An AI chip runs only as fast as the memory feeding it data. Accelerators rely on stacked high-bandwidth memory, or HBM. Servers running AI agents need standard DRAM and solid-state storage. On its fiscal Q4 call, Micron management called DRAM "the principal constraint versus logic or power to the data center" and said it has "no line of sight to when supply and demand balance." The company expects tight conditions through 2028.

Do Micron's Numbers Support the Call?

Micron has beaten EPS estimates for eight consecutive quarters. In its fiscal Q4 2026 earnings release, revenue reached $54.23 billion against a $50.97 billion estimate, up 379.3% year over year. Non-GAAP EPS of $33.42 beat the $31.35 estimate. Gross margin expanded to 87.0% from 45.7% a year earlier. Full-year free cash flow totaled $62.31 billion.

Guidance for fiscal Q1 2027 calls for revenue of $61.5 billion, plus or minus $1.5 billion, and EPS of $38.15, plus or minus $1.00. On fiscal 2026 non-GAAP EPS of $75.52, the stock trades at about 11 times trailing earnings.

What Does Micron Have That SanDisk Lacks?

Micron sells DRAM, HBM, and NAND. SanDisk sells NAND flash and storage only, so it has no exposure to HBM, the highest-value layer of AI memory.

Micron's advantages, per the company:

• A custom HBM4E product co-designed with NVIDIA (NASDAQ:NVDA), which management called the first major custom HBM product in the market
• 26 strategic customer agreements through 2030 covering about 35% of sales by then

SanDisk has a structural dependency. "All of our flash memory wafers are currently obtained from Flash Ventures," the company said, referring to its joint venture with Kioxia. Its Consumer revenue growth came in at negative 39%.

Does the Counterargument Carry Weight?

SanDisk has outperformed. It is up 321.49% year-to-date, against 187.28% for Micron. SanDisk's datacenter revenue rose 61% sequentially to $4,802 million, and fiscal Q2 2027 guidance calls for a GAAP gross margin of 84.4% to 85.4%. Micron itself expects NAND industry growth in the mid-20% range in 2027 and 2028.

Doubts about Micron are spreading too. Barron's reported that Goldman Sachs prefers other memory stocks. Bears on X have described a chain of data center cancellations that would hit Micron before NVIDIA.

Memory has always been cyclical. Micron's Idaho fab should produce first wafers in mid-calendar 2027, and new clean rooms come online in late 2028 and beyond. When that supply arrives, pricing power could fade.

What to Watch Before Micron's Next Report

Management expects prices to keep rising at a more moderate pace. Investors should track whether Micron hits its fiscal Q1 targets, whether more customers sign multi-year agreements, and how the NVIDIA HBM4E program advances. Cramer is paying up for breadth and contracted visibility. SanDisk holders are counting on enterprise SSD demand to keep accelerating. With new Micron supply landing from 2027, the market will soon test whether contracted DRAM visibility can outrun the cycle.