Micron falls after report of Chinese rival CXMT's expansion plan

Memory chip-maker Micron Technology MU.O falls 4.1% to $789.85 in pre-market trading

Chinese rival CXMT 688825.SS plans a second memory-chip plant in Beijing and is in financing talks with a tech manufacturing hub backed by the local government, two sources familiar with the matter told Reuters

The move by China's largest chipmaker aims to boost production amid strong global demand driven by AI, intensifying competition for major DRAM producers including MU

While CXMT is smaller than global leaders Micron, Samsung 005930.KS and SK Hynix 000660.KS, its growth is part of Beijing's push for self-sufficiency in the chip industry, a potential long-term risk for incumbents

Other U.S. data-storage and flash-memory stocks also fall, with Seagate STX.O, Western Digital WDC.O and SanDisk SNDK.O down over 3% each

As of Friday's close, MU is up about 188% YTD, far outpacing the 9.2% rise in the Nasdaq .IXIC, though shares remain ~34% below their all-time intraday high from June 2026