Memory chip stocks dropped in premarket trading after SanDisk and Western Digital earnings. Western Digital fell 14%; SanDisk fell 9%; SK hynix and Roundhill Memory ETF fell 6%; Micron Technology and Seagate Technology fell 4%.

Western Digital forecast quarterly revenue slightly above Wall Street estimates on Wednesday, betting on strong ​AI-driven demand for its hard disk drives.

Still, its ‌shares dropped, after the forecast failed to impress investors even though the ​stock has tripled this year on expectations of ​sustained AI-driven growth.

Shares of Sandisk declined after the memory-chip maker’s guidance for the September quarter missed Wall Street’s high expectations.

Sandisk set its September-quarter revenue guidance between $10.3 billion and $10.8 billion, which at the midpoint was below the FactSet analyst consensus for $10.8 billion. The company’s outlook for adjusted earnings per share was between $44 and $46, while consensus expectations called for $44.72.