Micron Shares Plunge 30% Since March High as DRAM Prices Drop 6%
Micron shares have slid nearly 30% since closing at an all-time high on March 18 as spot DRAM prices soften, falling 6% since mid-March. Citigroup lowered its Micron price target by 17% to $425, though that remains over 30% above the stock’s current level.
1. Sharp Share Decline
Micron shares have plunged nearly 30% from their March 18 all-time high, marking one of the steepest two-week drops among major memory suppliers. This selloff underscores mounting investor concern over demand sustainability in the AI-driven memory market.
2. DRAM Price Softening and TurboQuant Impact
Spot DRAM prices have retreated 6% since mid-March as emerging AI model compression technology, TurboQuant, highlights potential gains in memory efficiency. These developments have fueled fears that reduced hardware requirements could weaken supplier pricing power.
3. Analyst Outlook and Price Target Reduction
While Wall Street remains generally bullish on tight supply conditions supporting a recovery, Citigroup trimmed its Micron price target by 17% to $425. Even after the cut, the target implies more than 30% upside from current levels, reflecting confidence in long-term industry fundamentals.