TLDR
- Micron stock fell another 1.1% Wednesday after a sharp 7% drop the prior session, driven by bond yield fears
- NAND flash memory combined revenue for the top five brands rose 77% quarter-over-quarter to $68.87 billion
- Micron’s NAND flash market share by revenue jumped to 15.1% in Q2, up from 13.9%, overtaking Kioxia for third place
- Cathie Wood flagged high-bandwidth memory as the “most cyclical” and “most commoditized” part of the chip supply chain
- Analysts expect Micron to earn $31.27 per share in the next report, versus $3.03 a year ago, with a consensus Buy rating and average price target of $1,537.50
Micron Technology (MU) stock was down 1.1% in early Wednesday trading, sitting around $947, following a 7% selloff the session before. Chip stocks broadly came under pressure as rising bond yields sparked concerns about AI hardware spending.
The two-day slide comes despite data showing Micron is quietly gaining ground in the memory market.
Research firm Trendforce reported Wednesday that combined revenue for the top five publicly listed NAND flash memory brands surged 77% quarter-over-quarter in Q2, reaching $68.87 billion.
Micron’s slice of that pie grew too. Its NAND flash market share by revenue climbed to 15.1% in Q2, up from 13.9% in Q1, pushing it past Japan’s Kioxia into third place, behind Samsung and SK Hynix.
Trendforce analysts noted Micron posted NAND flash revenue of $11.85 billion in the quarter, a 99.2% jump from the prior quarter, the highest growth rate among the top five players.
NAND flash accounts for roughly a quarter of Micron’s total revenue. DRAM and high-bandwidth memory make up the rest.
Cathie Wood Throws Cold Water
Not everyone is buying the memory bull case. Ark Invest CEO Cathie Wood said she is steering clear of memory-dependent AI chip stocks, calling high-bandwidth memory the “most cyclical” and “most commoditized” part of the semiconductor supply chain.
Wood argued that unusually high memory prices could push the industry to engineer around the bottleneck entirely. She favors Cerebras Systems (CBRS) and Groq instead, saying they do not rely on high-bandwidth memory.
Micron CEO Sanjay Mehrotra pushed back on this narrative in June, calling memory a “strategic asset” in the AI era. The company has also locked in 16 long-term customer agreements representing around $100 billion in cumulative revenue through 2030.
What Analysts Are Saying
Micron’s next earnings report is expected around September 22, 2026. Wall Street is forecasting earnings of $31.27 per share, compared to $3.03 a year earlier. Revenue is projected at $50.81 billion, up from $11.31 billion.
The stock carries a consensus Buy rating, with an average price target of $1,537.50.
Citigroup maintained a Buy rating on August 7 but trimmed its target to $1,150. KeyBanc kept its Overweight rating and raised its target to $1,750 in July. Cantor Fitzgerald lifted its target to $2,000 in June.
Technically, MU is trading about 5.6% above its 20-day moving average of $895.86 but sits 1.7% below its 50-day moving average of $962.57. Its relative strength index is at 52.61, pointing to neutral momentum.
Traders are watching $1,012 as the next resistance level, with $891.50 as potential support near the 20-day average.
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