- Micron's stock declined amid a sell-off in global tech stocks.
- The memory chipmaker's stock sank early in the week, then swung higher on blowout earnings.
- Investors remain wary of companies' increased spending on building AI infrastructure.
Micron Technology's shares tumbled on Friday, giving back some of the gains from a post-earnings rally, as the memory chipmaker looked to wrap a rocky week of trading that has seen big swings.
Investors remain wary of the rising costs of
artificial intelligence infrastructure, with the sell-off reverberating across global markets following a New York Times report that OpenAI is considering pushing back IPO timing to next year.
In Europe, key chip stocks also saw losses.
ASML was down 2.2%, Infineon fell 3.7%, ASM International dropped 2.8%, ST Microelectronics lost 3.3%, and Be Semiconductor fell 2%. Japanese conglomerate Softbank led losses in Asia and plunged more than 12%.
Micron's third-quarter revenue more than quadrupled to $41.46 billion, up from $9.3 billion a year prior, it reported on Wednesday, beating analysts' expectations. It's projecting revenue of around $50 billion for the current quarter, compared with
$11.3 billion a year earlier. The company's stock soared more than 15% on the day and is up 863% over the past year.
As major hyperscalers build out AI infrastructure, including data centers, they're requiring huge amounts of memory chips that they're purchasing from Micron.
That surge in demand is reducing the supply of memory for other devices like smartphones, PCs, and more, which has pushed prices higher and lifted Micron's earnings.<small>Source: CNBC</small>
Business
Micron sinks as it looks to wrap a whipsaw week of trading
CNBC
June 26, 2026
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