Growing trade tensions between the U.S. and China, coupled with nagging concerns about the Chinese economy have rattled confidence in some of the industry's key players. Soft-Selling, along with a deceleration in cryptocurrency mining ventures, further fed investor anxiety surrounding weakened demand
Looking ahead, Credit Suisse's Nigam said investors should focus on supply-side issues within the sector, with Micron, SK Hynix and Samsung
"Based on the current (capital) guidance from all three major memory makers, you are looking at a underlying supply growth that will not be more than 15 percent," Nigam said. "Demand growth, even in a reasonably bearish scenario, is likely to be well ahead of that."
As a result, he said, the discussion in the sector could be moving from "current inventory concerns and sharp"