Micron Technology shares extended their decline on Wednesday, falling 1% to $1,028 as market participants grew increasingly skeptical that the memory chip rally has room to run.
The sell-off comes just hours before the company is scheduled to release its fiscal third-quarter earnings report after the closing bell, a data point widely viewed as a bellwether for the broader semiconductor cycle.
The latest drop follows a sharp 13% plunge in Tuesday’s trading, which saw shares slide to $1,555 amid a broader retreat in the semiconductor sector.
The latest drop follows a sharp 13% plunge in Tuesday’s trading, which saw shares slide to $1,555 amid a broader retreat in the semiconductor sector.
That earlier move was driven by mounting investor anxiety that the prolonged rally in chip stocks, fueled by artificial intelligence demand, may be nearing exhaustion.
The consecutive days of selling suggest that traders are positioning defensively ahead of the earnings print, fearing that any sign of slowing momentum in memory pricing could trigger a deeper correction.
Micron’s performance is closely watched by investors as a proxy for health in the data center and consumer electronics markets.