SanDisk and Micron Lead U.S. Stock Gains Despite Tech Slump

SanDisk and Micron Technology are among the top performing U.S. stocks in 2026, driven by high demand for data storage and memory components. As of October 31, SanDisk shares rose 385% year to date, while Micron gained 210%. These gains occurred even though technology stocks experienced a sharp decline in October.

Moderna Inc. leads the list with a 652% gain. The company’s shares moved from below $30 at the start of the year to over $221 by the end of October. This surge follows news regarding a melanoma vaccine. Other major gainers include Dell Technologies at 241% and Marathon Petroleum at 177%.

Pittsburgh Tribune-Review columnist John Dorfman identifies SanDisk, Micron, and Marathon as his preferred holdings among the top five. He notes that while he usually prefers buying during downturns, these three companies present attractive valuations relative to their earnings. Dorfman suggests that SanDisk’s strong balance sheet supports its current price, noting that debt is roughly 1% of stockholders' equity.

SanDisk benefits from a data center boom fueled by artificial intelligence. The company’s revenue has quadrupled in the last two years. Despite the stock price nearly quintupling this year, it trades at 16 times recent earnings. Analysts predict earnings for the next four quarters that value the stock at less than six times current levels.

Micron holds a worldwide oligopoly position in memory chips alongside Samsung Group and SK Hynix. The stock trades at 12 times recent earnings and five times forward earnings estimates. Dorfman favors this valuation given investor concerns about high capital expenditures in the tech sector.

Marathon Petroleum operates 13 refineries, making it the largest refining company in the United States. The business is highly cyclical, but current high prices for gasoline, heating oil, and jet fuel provide a strong position. Dorfman believes the sector remains attractive because few investors hold these positions, and he expects the strong performance to continue longer than many anticipate.

Last year, Dorfman recommended Western Digital and Micron among the top gainers. Those picks returned 230.5% on average, beating the S&P 500 Total Return Index’s 12.4% gain. In contrast, the three stocks he advised avoiding fell an average of 39.4% over the same period.

Over the past 13 years, Dorfman’s buy recommendations on high-flying stocks have averaged a 52.5% return. This compares to a 15.6% average for the S&P 500. He owns Western Digital personally and for most of his clients, and holds Moderna for a few clients with the potential to sell soon.