Memory stocks like MU, SKHY, and SNDK are experiencing bearish sentiment, with forward P/E multiples expected to decline further in upcoming quarters and into 2027. Forward P/E multiples are currently cited at 5.99x for MU, 4.85x for SKHY, and 5.74x for SNDK. Additionally, HBM4e development is noted to consume 400% more wafer compared to standard DRAM.