NEW YORK, July 3, 2026, 10:05 (EDT)
- Nasdaq says the market will be closed July 3 for Independence Day observed. Trading resumes with the next regular session Monday.
- Micron Technology NASDAQ:MU ended trading on July 2 at $975.56, dropping 5.49%. Volume hit 61.84 million shares, running 119% above the 65-day average.
- The stock shed roughly $202 billion in market cap over two trading days, using its 1.13 billion shares outstanding and the close from June 30 to July 2.
- Mizuho Securities left Micron on its July top picks list. Bears pointed to fresh short talk from Michael Burry, giving them another target.
U.S. stock markets closed Friday for the Independence Day holiday, leaving Micron Technology NASDAQ:MU with a two-session slide going into the break. The company’s shares dropped from $1,154.29 on Tuesday to $975.56 at Thursday’s close, down 15.5%. That move wiped out roughly $202 billion in market cap, based on MarketWatch’s figure of 1.13 billion shares.
The loss is the trade here. It’s about four times where Micron set its midpoint for fiscal Q4 revenue and about 11 times the adjusted free cash flow Micron reported for fiscal Q3. The company guided for $50.0 billion, give or take $1.0 billion, in fiscal Q4 revenue, and said fiscal Q3 adjusted free cash flow came in at $18.3 billion.
| Measure | Amount | Read-through for investors |
|---|---|---|
| Two-session equity value loss | About $202 billion | Price drop much bigger than what the company is set to bring in for now |
| Fiscal Q4 revenue guide midpoint | $50.0 billion | Market cap drop worked out to about 4 times that guidance |
| Fiscal Q3 adjusted free cash flow | $18.3 billion | Stock lost about 11 times the latest quarter’s free cash |
| Cash, marketable investments and restricted cash | $30.2 billion | The loss was about 6.7 times the cash pile |
Micron gained early in the week, but shares fell sharply on July 1 and July 2. By the July 2 close, the stock was down 22.3% from its 52-week high of $1,255.00.
| Date | Close | Daily change | Volume |
|---|---|---|---|
| June 26 | $1,132.33 | down 6.69% | 86.41 mln |
| June 29 | $1,145.28 | up 1.14% | 60.69 mln |
| June 30 | $1,154.29 | gained 0.79% | 42.15 mln |
| July 1 | $1,032.28 | dropped 10.57% | 51.33 mln |
| July 2 | $975.56 | fell 5.49% | 61.84 mln |
Chip stocks slumped again, with Micron dropping harder than the broader benchmarks. The PHLX Semiconductor Index shed 5.4% on Thursday, Reuters said, marking its second big daily drop. The Nasdaq Composite closed down 0.80% at 25,832.67.
| Asset | July 2 close | July 2 move | Two-session move vs June 30 |
|---|---|---|---|
| Micron Technology NASDAQ:MU | $975.56 | fell 5.49% | dropped 15.5% |
| PHLX Semiconductor Index | 12,626.2 | down 5.44% | lost 11.4% |
| Nasdaq Composite | 25,832.67 | slipped 0.80% | off 1.5% |
Bulls still like the setup here. Mizuho’s Vijay Rakesh kept an Outperform on Micron and left the target at $1,375 after the stock landed on Mizuho’s top July picks. “We see MU and other key memory suppliers all seeing strong near-term tailwinds, driven mostly by AI demand,” Rakesh said in a note, as reported by Barron’s. Barron’s
The target is 41% higher than where shares finished on Thursday. Now Monday opens with a key question for buyers—will they see last week’s drop as a buying chance, or is this the first step in a bigger retreat from AI-related chip stocks?
Bears got their moment Friday. MarketWatch reported Michael Burry made a short bet on Micron, after a Substack post. According to the report, Burry stepped up his negative view of the AI trade by betting against one of the key memory stocks.
Freedom Capital Markets analyst Paul Meeks said the AI infrastructure trade lost steam last week. “The bloom came off the rose last week for the AI infrastructure trade,” Meeks told Barron’s. Barron’s
Micron’s latest numbers help explain the stock’s rally. For the fiscal third quarter, the company reported revenue of $41.46 billion. That’s up from $23.86 billion last quarter and $9.30 billion a year ago. Non-GAAP EPS came in at $25.11. “Micron is investing at record levels in technology, products and supply to address our customers’ rapidly growing demand,” CEO Sanjay Mehrotra said. Micron Technology
| Business unit | FQ3 revenue | FQ2 revenue | FQ3 year-earlier revenue |
|---|---|---|---|
| Cloud Memory | $13.77 billion | $7.75 billion | $3.39 billion |
| Core Data Center | $11.52 billion | $5.69 billion | $1.53 billion |
| Mobile and Client | $11.52 billion | $7.71 billion | $3.26 billion |
| Automotive and Embedded | $4.63 billion | $2.71 billion | $1.13 billion |
Micron’s $0.15 quarterly payout goes to shareholders of record at the close July 6, which lines up with the next regular U.S. trading day. The dividend gets paid July 21.
