Micron Shares Fall 22% From Post-Earnings Highs to Below Pre-Report Levels
MU•Micron’s shares have dropped 22% since reaching record highs following its June 24 earnings release, slipping below pre-earnings levels despite a 250% year-to-date surge. Investors blame Meta’s data center slowdown and Apple’s potential chip sourcing shifts, while Citi labels the decline a buying opportunity.
1. Sharp Post-Earnings Pullback
Since its June 24 earnings beat and bullish outlook, Micron’s stock has slid 22%, erasing gains and trading below its pre-earnings price. This reversal follows a peak that briefly vaulted Micron above a $1 trillion market cap on May 26.
2. Contributing Market Factors
Analysts point to Meta’s announcement of flat data center build plans and reports of Apple considering cost-saving memory chip purchases from China as catalysts for sector-wide selling pressure. The broader memory trade has become a crowded momentum play, prompting profit-taking.
3. Analyst Perspectives and Outlook
Despite the stock’s pullback, Citi analysts added Micron to their 90-day upside catalyst watch list, forecasting continued DRAM price increases. They view recent weakness as a strategic entry point ahead of sustained memory market tightness.
