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Memory stocks are taking a tumble on Tuesday as overnight market jitters in Asia hit the U.S., dragging the Nasdaq down with it.

Sandisk is the heaviest hit so far, down over 13% Tuesday morning.

Here's what happened: A selloff in South Korean tech stocks, including SK Hynix and Samsung, started the rout on Monday. Because South Korean markets are so heavily concentrated in those two companies, the result was a historic slide for the Kospi, South Korea's index. It fell nearly 10%

The damage wasn't contained. It rippled through the Roundhill Memory ETF (DRAM), of which SK Hynix, Samsung, and Micron are the largest holdings. SK Hynix is down about 13%, Samsung is down 12.3%, and Micron is down 11%. The Nasdaq fell 1.9%.

Even though Sandisk and Western Digital produce slightly different products than the aforementioned names, they're still heavily weighted in DRAM, so they weren't immune: Western Digital fell over 9% Tuesday morning, too.

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But context is important, here. Fueled by surging data center demand, Sandisk ripped 4,140% over the last year, hitting an all-time high of $2,354.39 last week. So some of this could be profit-taking, analysts say.

"Our recent Asia checks and overall AI enterprise demand tracking have accelerated over the past few months and are showing no cracks in the armor which continue to make us very bullish on owning the tech AI winners over the coming year," Wedbush Securities analyst Dan Ives said, per Seeking Alpha.

But others warn that cracks in the AI trade are starting to emerge. Or, at least, it's an example of the risks of so much of the market being concentrated in one emerging sector.

Micron is set to report Q3 earnings on Wednesday after market close. That will be the tell.