Micron Technology Inc. (MU - Get Report) already warned about slowing memory demand in December, and Samsung Electronics Co.'s (SSNLF) latest earnings report backs up that assessment.

"Samsung's preliminary guidance confirms deteriorating demand conditions," wrote Needham analyst Rajvindra Gill in a note out Tuesday morning. Micron shares were falling 2.49% to $33.16  in Tuesday morning on the news, and are down 38% in the past six months. The shares ended Tuesday down just 0.76%. 

Samsung said early Tuesday morning that it expects weaker earnings than initially forecasted for its upcoming quarter. Global smartphone demand has been waning, with Apple Inc. (AAPL - Get Report)  saying last week that it now expects to sell fewer iPhones in China than initially expected, sending tech stocks down. Concerns about a slowdown in the Chinese economy have hit equity markets in the past several months. 

"The slowing Chinese economy (exemplified by Apple's massive miss) makes us cautious on overall demand conditions in the first half," Gill said, noting that while much of the slowing global chip demand has been priced into Micron's stock, it's possible more slippage is on the way.

"While Micron is trading at historical low P/B and P/E multiples, we could see further downside to the shares if demand conditions worsen," Gill wrote.

Micron is trading at a trailing one-year price-to-earnings multiple of 2.73, well below its peers. 

Other chip makers were falling as well, with Samsung shares falling 1.7% on Tuesday in South Korea, and the Philadelphia Semiconductor Index down 1.7%. 

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