Memory Stocks Rebound 8.17%, Outpacing the Magnificent Seven

Micron, Western Digital, Seagate and SanDisk rose an average 8.17% from the Nov. 5 close through Nov. 10, outpacing the Magnificent Seven’s 2.29% gain over the same period.

The MAGS exchange-traded fund, which tracks the seven-stock group, rose 2.54%. Micron led the memory stocks with a 10.47% gain, followed by Western Digital at 8.06%, Seagate at 7.52% and SanDisk at 6.64%. Tesla gained 10.50%, close to Micron’s return; Meta rose 6%, while Nvidia fell 7%.

The memory stocks’ largest daily advance came Nov. 9, when they gained an average 8.02%, compared with 2.24% for the Magnificent Seven. Both groups fell Nov. 10: the memory stocks lost an average 1.30%, and the seven-stock group declined 0.95%. As of the Nov. 10 close, the memory-stock group remained down an average 11.64% from Nov. 4; the Magnificent Seven was down 2.61% over that comparison.

Contract prices for Micron, SanDisk and Hynix’s Korean shares rose about 6.4%, 3.6% and 8.6%, respectively, from the U.S. market open Nov. 9 through publication time on Nov. 11. Across those contracts, nominal open interest fell about $34.6 million, from roughly $653 million to $618 million.

For contracts tied to the Magnificent Seven, nominal open interest increased by about $129 million overall. Nvidia contract open interest rose about $150 million, while contract open interest tied to the other six companies declined by a combined $21 million.