TLDR
- Micron stock fell 5.29% in premarket Tuesday to $852.61, extending a 2.25% decline from Monday
- South Korea’s KOSPI Index plunged 11% overnight, adding pressure to global chip stocks
- Reports of a Chinese company producing deep ultraviolet lithography machines spooked investors
- Sandisk fell 11% and AMD dropped 5% Monday, with broader weakness spreading Tuesday
- Analysts remain bullish with a consensus Buy rating and average price target of $1,548.86
Micron stock was trading down 5.29% at $852.61 in premarket trading Tuesday, adding to Monday’s 2.25% loss as a wave of selling hit AI memory names hard.
The broader tech mood is sour. Nasdaq futures were down 1.1% early Tuesday, and South Korea’s KOSPI Index plunged 11% overnight — a catch-up move from Monday’s U.S. selloff that set a grim tone heading into the open.
Micron actually held up relatively well on Monday compared to peers. Sandisk tumbled 11% and AMD fell over 5% in the prior session. But Tuesday’s premarket action showed the weakness spreading more broadly, with Micron, Sandisk, and Western Digital all down around 7%.
The catalyst behind much of the selling is China. Reports emerged that a Chinese company is now producing immersion deep ultraviolet lithography machines — the kind currently dominated by Dutch firm ASML. That spooked investors across the semiconductor space.
Chinese memory chip maker CXMT also made headlines after surging 466% on its Shanghai IPO debut, briefly becoming mainland China’s most valuable company with a market cap of $484 billion. CXMT closed down 4% on its second day of trading.
Deutsche Bank strategist Jim Reid told the Financial Times that renewed worries over AI infrastructure spending and the threat of lower-cost Chinese competition triggered the latest wave of selling in global chip stocks.
Sector Pressure Building
SK Hynix dropped 7.47% in the prior session and has now lost nearly 47% from its June peak. That wipeout has rattled the entire AI memory trade, raising questions about whether demand for high-bandwidth memory can sustain the sector’s rally.
Samsung Electronics and Kioxia have also felt the pressure, as has CXMT itself.
Micron remains well above its long-term moving averages — 19.4% above its 100-day and 68.8% above its 200-day SMA — so the broader uptrend is still intact. But near-term momentum has shifted. The stock sits 11.5% below its 20-day SMA and 10.8% below its 50-day SMA.
The RSI sits at 45.31, in neutral territory, suggesting the stock isn’t oversold but buying pressure has clearly cooled.
A key support level to watch is $804, where buyers previously stepped in.
Analyst View Still Positive
Despite the turbulence, Wall Street hasn’t turned on Micron. The stock carries a consensus Buy rating and an average price target of $1,548.86 — well above current levels.
Recent analyst actions back that up. KeyBanc raised its price target to $1,750 on July 14, while Cantor Fitzgerald went even higher with a $2,000 target on June 29.
Micron holds an 8.03% weighting in the iShares Semiconductor ETF and a 9.78% weighting in the Invesco PHLX Semiconductor ETF, meaning ETF outflows can amplify selling pressure during weak periods like this one.
Micron stock is still up more than 200% in 2026 despite the recent slide.
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