Micron’s stock retreats sharply despite record DRAM pricing of $1.17, driven by sector-wide profit-taking and IPO concerns.
Micron Technology (Nasdaq: MU) shares fell 27-29% from their June 2026 high near $1,200, trading around $876 intraday as DRAM average selling prices reached a 10-year peak of $1.17. The decline coincides with reports of Chinese memory maker CXMT preparing an $8.55 billion IPO and AI cloud provider CoreWeave hedging against potential memory cost drops.
The pullback follows a broader semiconductor sector rally, with the SOXX index gaining 82% in the first half of 2026. Despite the drop, Micron’s stock remains elevated compared to its historical trading range, with the recent decline barely registering on a decade-long scale.
Market sentiment reflects indiscriminate selling, as evidenced by KLAC’s 12% drop despite benefiting from lower memory costs. CEO Mehrotra’s five-year supply agreements have not stemmed the retreat.