Shares of Micron Technology fell another 3.2%, or $28.90, to $875.38 on Thursday morning, extending a punishing stretch for the memory chipmaker that has now wiped out more than a quarter of its value from the record highs it reached earlier this year.
Thursday’s decline followed an even steeper drop Wednesday, when Micron shares tumbled 8.02%, falling from $983.12 to $904.28 in a session that saw the stock swing nearly 12% between its intraday low of $873.63 and high of $978.40. Trading volume surged alongside the losses, with roughly 54 million shares changing hands Wednesday, well above the company’s average daily volume of about 44 million shares, a signal that some analysts flagged as a sign of elevated risk in the stock’s near-term trajectory.
The stock has now fallen in six of its last ten trading sessions, a stretch that has produced a cumulative decline of more than 21% over that period. Micron shares remain down roughly 30% from the 52-week high of $1,255 they touched earlier this year, even as the stock trades well above its 52-week low of $103.38 and remains up sharply over the past 12 months, reflecting the extraordinary volatility that has characterized the memory chip sector throughout 2026.
Several factors have converged to pressure Micron and its peers across the memory chip industry in recent sessions. Chinese memory chip maker ChangXin Memory Technologies, known as CXMT, announced plans for an $8.5 billion initial public offering, a development that has intensified investor concerns about rising competition from Chinese rivals in a market Micron has long dominated alongside South Korea’s Samsung Electronics and SK Hynix. At the same time, reports have circulated that the U.S. government is considering new export restrictions on high-bandwidth memory products, adding another layer of uncertainty for a company that has increasingly relied on HBM chips to supply the artificial intelligence data center buildout.
Broader worries about cooling demand in the personal computing and mobile device markets have also weighed on sentiment, with some analysts revising earnings forecasts downward amid concerns about reduced capital expenditure plans and general macroeconomic uncertainty across the technology sector. The pullback in Micron shares this week has coincided with a broader retreat across the memory chip complex, including sharp declines in SanDisk, Western Digital and South Korea’s SK Hynix, as investors have grown more cautious about the sustainability of the current AI-driven memory upcycle after a period of extraordinary gains.
The selloff has not been confined to the United States. South Korea’s central bank raised its benchmark interest rate this week for the first time since January 2023, a move that triggered a sharp selloff in the country’s stock market, with the Kospi index tumbling and both Samsung Electronics and SK Hynix posting steep declines. That regional weakness has continued to spill into U.S. trading, reinforcing the pressure on Micron shares as investors globally reassess valuations across the memory and broader semiconductor sector.
Despite the recent slide, Wall Street’s overall view of Micron remains notably bullish. According to data compiled by stock analysis platforms, the average 12-month price target among analysts covering Micron sits above $1,460, implying substantial upside from current levels, with the average rating characterized as “Strong Buy.” KeyBanc Capital Markets analyst John Vinh, who visited Asia to assess conditions across the technology supply chain, raised his price target on Micron to $1,750 following that trip, one of the more bullish calls on the stock heading into the recent pullback.
Analysts at Barclays have also pointed to Micron and SK Hynix as two AI memory stocks that could see substantial further gains, citing continued strength in underlying demand for high-bandwidth memory products used in artificial intelligence infrastructure. Micron’s most recent quarterly results, reported for the period ended in late May, showed revenue rising 346% year-over-year to $41 billion, easily beating both revenue and earnings guidance, with non-GAAP gross margin climbing to 85% from 39% a year earlier. The company’s guidance at the time implied continued growth and margin expansion in the quarters ahead, underscoring the disconnect between Micron’s recent operating performance and the sharp pullback in its share price.
Not all analysts share that optimism, however. Some market commentators have cautioned that Micron’s stock has become one of the more speculative names trading in the current environment, with billionaire investor Warren Buffett recently warning more broadly that the stock market has increasingly been shaped by speculative trading rather than long-term investing, a dynamic some observers have specifically tied to the erratic price swings seen in Micron shares in recent weeks.
Technical indicators on Micron shares have also turned more cautious in recent sessions. The stock has shown sell signals from both its short- and long-term moving averages, according to technical analysis platforms, with resistance levels identified in the range of roughly $955 to $1,012 that would need to be reclaimed to reverse the current bearish trend. A sell signal first triggered in late June has been followed by a decline of more than 25% in the stock through Thursday’s session.
Micron’s next scheduled earnings report is expected in late September, leaving investors with several weeks to assess how the current mix of geopolitical risk, competitive pressure from Chinese manufacturers and shifting sentiment around AI infrastructure spending will play out before the company’s next opportunity to update its outlook. In the meantime, Micron executives are scheduled to participate in the KeyBanc Capital Markets Technology Leadership Forum, an appearance that could offer investors additional insight into the company’s near-term demand trends and capital spending plans as the memory chip sector continues to navigate one of its more turbulent stretches of the year.
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