Micron’s 15% monthly drop impacts SMH and QQQ differently due to varying exposure, while VGT remains unaffected.
Micron Technology (MU) fell 15% over the past month, pulling the VanEck Semiconductor ETF (SMH) down nearly as much given its 6% weighting. The stock closed at $829.50 on August 3, 2026, a 7.9% weekly decline, despite a blockbuster Q3 2026 earnings report on June 24, 2026, when shares traded at $1,064.99.
The Q3 report showed revenue of $41.456 billion, beating estimates by 17.6%, with non-GAAP EPS at $25.11 and GAAP gross margin at 84.6%. Q4 guidance projected revenue between $49 billion and $51 billion. Despite the pullback, Micron remains up 190.6% year-to-date and 690.9% over the trailing year.
The decline reflects profit-taking after a sharp rally driven by AI memory demand. While SMH mirrored Micron’s drop, the Vanguard Information Technology ETF (VGT) gained 0.4% monthly, and the Invesco QQQ Trust (QQQ) dipped just 2%, cushioned by broader diversification.