The memory chip sector is experiencing a pullback during the pre-market session, with the DRAM ETF down over 3%. This move appears to be driven by investor caution and potential profit-taking ahead of Sandisk's quarterly earnings release, which is scheduled for after the market closes today. Despite a very strong long-term demand narrative, highlighted by recent reports that memory capacity for 2026 and 2027 is largely sold out, there may be nervousness that Sandisk's results and outlook might not meet elevated expectations.