For much of the past five years, Nvidia Corp. (NASDAQ:NVDA) was the only semiconductor stock that mattered. Now a rotation is underway, and the relative performance chart makes it impossible to ignore.

A three-year TradingView ratio chart tracking memory stocks against Nvidia tells the story in a single frame. From early 2023 through mid-April 2025, Nvidia dominated: memory names lagged as the market paid almost exclusively for AI compute.

Then the game flipped.

Since the second half of 2025, SanDisk Corp. (NASDAQ:SNDK), Western Digital Corp. (NASDAQ:WDC), Seagate Technology Holdings PLC (NASDAQ:STX) and Micron Technology Inc. (NASDAQ:MU) have been reclaiming ground.

These four memory stocks are now outperforming Nvidia in a 3-year window.

Chart: 3-Year Relative Performance, NVDA vs SNDK, WDC, STX, MU

The War Iran Accelerated The Trend

Since the Iran war began on Feb. 28, the rotation within the chipmaker industry has accelerated sharply.

Benzinga Pro data tracking regular-session moves from Feb. 28 ...