NEW YORK, July 2, 2026, 04:21 EDT
- Micron finished down 10.57% at $1,032.28 on July 1. Premarket quote was $995.51.
- Micron accounted for 26% of the Nasdaq-100’s return in the first half, according to Jefferies data.
- New DRAM and NAND pricing held steady while memory stocks fell.
- GM’s supply deal signals that carmakers are also booking memory capacity.
Micron Technology, Inc. NASDAQ:MU was set for another rough session Thursday, as traders waited to see if the market’s trillion-dollar bet on memory chips would hold up. Shares ended July 1 at $1,032.28, down 10.57%. They lost more ground in premarket trading, quoted at $995.51, off another 3.56% on Google Finance. The $122.01 drop in the regular session erased about $138 billion in market value, based on the company’s 1.13 billion shares outstanding.
Micron is in the Nasdaq-100 spotlight now, not just moving on memory headlines. Jefferies trading-desk analyst Jeffery Favuzza said Micron made up 26% of the Nasdaq-100’s first-half return. The index added about 20% over the same time. MarketWatch reported the stock quadrupled in the first half, putting Micron’s market value at $1.3 trillion.
| First-half Nasdaq-100 driver | Google Finance ticker | Share of index gains |
|---|---|---|
| Micron Technology | NASDAQ:MU | 26% |
| Advanced Micro Devices | NASDAQ:AMD | 16% |
| Intel | NASDAQ:INTC | 14% |
| Applied Materials | NASDAQ:AMAT | 10% |
| Lam Research | NASDAQ:LRCX | 9% |
| KLA | NASDAQ:KLAC | 6% |
Micron’s slide didn’t match up with memory prices, which mostly held firm. KeyBanc’s John Vinh said DRAM went up about 3% in June, NAND flash rose 2.4%. “Meaningful capacity is not expected until 2027,” Vinh wrote, pointing to “outsized data center demand for HBM and DDR5.” Barron’s reported Micron fell 10.6% on July 1. SanDisk Corp. NASDAQ:SNDK also dropped 10.6%. Western Digital Corp. NASDAQ:WDC lost 6.3%, and Seagate Technology Holdings plc NASDAQ:STX was down 5.2%. Barron’s
The split trade is moving now. Stocks dropped as if investors were dialing back after a big first-half. Chip price data still points to customers paying up for supply.
General Motors Co. NYSE:GM moved outside cloud exposure with a new memory supply deal. GM and Micron announced a long-term agreement on July 1 for memory and storage chips in vehicle manufacturing. Reuters said DRAM prices are up about 70% since December, pointing to S&P Global Mobility data, and said Micron counted the GM deal as one of 16 key customer agreements last quarter.
Micron said in a release that GM will get LPDRAM, NOR, and UFS NAND products, with supply coming out of Micron’s DRAM fab in Manassas, Virginia, after a $2 billion upgrade there started production earlier this year. “We are investing to extend supply availability,” Micron CEO Sanjay Mehrotra said. GM CEO Mary Barra called the deal key to a “resilient” supply chain. Micron Technology
| Micron metric | FQ3 2026 | FQ2 2026 | FQ3 2025 |
|---|---|---|---|
| Revenue | $41.46 bln | $23.86 bln | $9.30 bln |
| Non-GAAP gross margin | 84.9% | 74.9% | 39.0% |
| Non-GAAP EPS | $25.11 | $12.20 | $1.91 |
| Auto and embedded revenue | $4.63 bln | $2.71 bln | $1.13 bln |
The earnings base makes it tough to call the selloff just a demand scare. Micron put its fiscal Q4 revenue outlook at $50 billion, give or take $1 billion, and sees non-GAAP EPS at $31, plus or minus $1. The midpoint points to around 21% revenue growth from the fiscal third quarter.
| Market data point | Latest figure | Investor read |
|---|---|---|
| July 1 close | $1,032.28 | Market cap still north of $1 trillion |
| July 1 one-day move | -10.57% | Some profit-taking, even as chip pricing held up |
| Premarket quote | $995.51 | Shares trying to hold the $1,000 mark |
| 52-week range | $103.38-$1,255.00 | Stock’s up big over 12 months |
| Average analyst target on Google Finance | $1,563.93 | Targets behind recent moves |
U.S. markets had not opened yet at the time of writing. Nasdaq lists its premarket from 4:00 a.m. to 9:30 a.m. Eastern, with regular hours from 9:30 a.m. to 4:00 p.m. The exchange will shut on Friday, July 3, for Independence Day observed.
