Storage stocks slide on report Apple may buy Chinese memory chips

Storage chip stocks fell sharply Monday on reports the Trump administration may allow Apple to buy memory chips from Chinese suppliers ahead of a possible visit by China's leader to the U.S. SanDisk dropped 9%, while Micron and Western Digital fell 7%. The rumored policy shift could let Apple source DRAM from CXMT and NAND from YMTC, potentially pressuring U.S. and Korean suppliers. Micron, a key Apple supplier, is seen as most exposed. Analysts called the selloff overdone, noting Chinese firms may not meet Apple's qualification requirements. The sector had rallied strongly this year, with SanDisk up 572% and Micron up 239% year-to-date, amplifying volatility. Traders are awaiting confirmation of the reports before reassessing supply chain impacts.