Micron falls after report of Chinese rival CXMT's expansion plan
MU•MU•MU•MU•Memory chip-maker Micron Technology MU.O falls 3.9% to $790.99.
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.
U.S.-listed shares of SK Hynix SKHY.N drop 4.8%.
Other U.S. data-storage and flash-memory stocks also fall, with Seagate STX.O and Western Digital WDC.O falling over 7%.
Including session's moves, MU is up about 175% YTD, far outpacing the 10.5% rise in the Nasdaq .IXIC, though shares remain ~37% below their all-time intraday high from June 2026.
