Micron Falls 5% on Chip Weakness as SOXX ETF Jumps 23%
MU•Micron shares dipped 5% Thursday as sector weakness pushed the Nasdaq 100 down 0.5%, even as the Dow rose 1.7% to a record high. As a top SOXX ETF holding, Micron contributed to the ETF’s 23% May gain driven by supply shortages through 2029 and robust earnings reports.
1. Market Performance Squeezes Micron
Micron shares fell about 5% on Thursday as weakness in chipmakers, led by Broadcom’s 13% drop, pulled the Nasdaq 100 down 0.5% even while the Dow jumped 1.7% to a record high.
2. SOXX ETF Rally and Memory Chip Outlook
The SOXX ETF gained 23% in May, with Micron among its top holdings, supported by strong quarterly earnings and persistent memory chip supply shortages projected through 2029.
