SanDisk Corp. (SNDK) shares are soaring 5.12% in intraday trading on Friday, as news breaks of Samsung Electronics raising prices for certain memory chips. This significant price increase by the industry giant is sending ripples through the semiconductor market, boosting stock prices of various US memory chipmakers.

According to reports, Samsung has hiked the prices of some memory chips by up to 60%, a move that is seen as highly beneficial for the entire sector. This substantial price increase is likely to improve profit margins for memory chip manufacturers across the board, explaining the positive market reaction to companies like SanDisk.

The impact of Samsung's decision extends beyond SanDisk, with other notable players in the storage industry also seeing gains. Micron Technology is reported to be up over 2%, while Western Digital has turned positive after initially lagging. This broad-based rally in storage shares suggests that investors are optimistic about the potential for improved profitability in the memory chip sector in the near future.