Micron stock has slipped substantially over the past few days, falling from this month's high of $1,107 to $990. It has entered a bear market after falling more than 23% from its year-high.
Micron stock was facing more pressure after Elon Musk gave his opinion on China-produced memory chips.
Micron Technology Inc (NASDAQ:MU) stock is dragging the semiconductor sector today, down 3.6% to trade at $991.93 at last check.
Micron Technology, Inc. is upgraded to Strong Buy as AI-driven demand transforms memory into a strategic bottleneck, supporting a structural re-rating. September 30 results beat guidance, with Q4 revenue at $54.23B and non-GAAP EPS at $33.42, and management guiding for continued sequential growth in FY2027. Strategic Customer Agreements now cover over 35% of revenue through 2030, with binding commitments, cash deposits, and contractual price floors supporting resilient margins.
Micron Technology MU and SK Hynix shares traded lower on Monday as investors assessed the competitive implications of progress by China's ChangXin Memory Technologies (CXMT) in developing a new memory-chip design that can store more data. Broader weakness in technology shares added to the selling pressure as oil prices climbed to their highest levels in about two weeks.
MU's AI-driven memory demand, tight DRAM supply, long-term customer agreements and attractive valuation could fuel growth through 2027 and beyond.
A new disclosure about Micron's buyback plans appears meant to show shareholders that Micron is more generous with cash than one of its key rivals, an analyst said.
Memory stocks are falling as a Chinese rival flagged progress on a denser server chip design that targets the most profitable corner of the industry. Micron Technology (NASDAQ:MU | MU Price Prediction) stock trades at $984.
Wondering how to pick strong, market-beating stocks for your investment portfolio? Look no further than the Zacks Style Scores.
Finding strong, market-beating stocks with a positive earnings outlook becomes easier with the Focus List, a top feature of the Zacks Premium portfolio service.
In recent weeks, the top-rated Wall Street analyst for accuracy, Timothy Arcuri from UBS, took to revising his outlook for various major stocks and appears to have already settled on some likely winners for 2027.
Micron and its rivals take a hit as CXMT advances development of a new chip that can store more data.