NEW YORK, July 23, 2026, 19:00 EDT
- Micron finished the session at $990.21, gaining 3.2%, while the Nasdaq dropped 2.15%.
- Alphabet Inc. NASDAQ:GOOGL increased its 2026 capital expenditure midpoint by $15 billion.
- Nasdaq suspended regular trading. After-hours trading continued until 20:00 EDT.
Shares of Micron Technology, Inc. NASDAQ:MU ended Thursday up 3.2% at $990.21, while the Nasdaq Composite lost 2.15% amid widespread technology sector declines.
The split is significant, indicating that investors favored companies supplying components for the AI buildout.
Micron exceeded the Nasdaq’s performance by 5.35 percentage points and outpaced NVIDIA Corporation NASDAQ:NVDA by 4.73 points.
Micron’s market value climbed by roughly $35 billion at Thursday’s close. Alphabet increased its capital-spending midpoint by $15 billion. These numbers are not revenue equivalents, but they illustrate the magnitude of Thursday’s scarcity premium.
Alphabet has raised its 2026 capital expenditure forecast to a range of $195 billion to $205 billion, up from its earlier projection of $180 billion to $190 billion. CFO Anat Ashkenazi said the revision is due to “an acceleration in the delivery of capacity to meet growing demand.” Alphabet
The acquiring company faced a sell-off from investors. Alphabet’s stock dropped 7%. Free cash flow for the second quarter stood at a negative $5.9 billion.
Tesla, Inc. NASDAQ:TSLA gave a fresh indication of demand. Elon Musk described Micron’s memory allocation as substantial and offered on acceptable terms. Details regarding product, pricing or contract length were not provided.
The shifts seen on Thursday underscored the message:
| Security | July 23 close | Daily move |
|---|---|---|
| Micron Technology NASDAQ:MU | $990.21 | up 3.20% |
| SK hynix Inc. NASDAQ:SKHY | $169.50 | gained 2.56% |
| NVIDIA Corporation NASDAQ:NVDA | $208.76 | fell 1.53% |
| Nasdaq Composite | 25,137.69 | down 2.15% |
The sector advance was not part of a wider chip surge. The Philadelphia Semiconductor Index slipped 0.5%.
Micron’s most recent quarterly results highlight the impact of constrained supplies on earnings. Revenue for the fiscal third quarter totaled $41.46 billion, while its non-GAAP gross margin stood at 84.9%. Adjusted free cash flow amounted to $18.3 billion.
Chief Executive Sanjay Mehrotra stated that agreements with customers are expected to enhance “durability and predictability.” The company’s guidance projects $50 billion in fiscal fourth-quarter revenue, while reported results have not been released. Micron anticipates a gross margin of about 86%. Micron Technology
Micron dropped 13.3% during the week that ended July 17, before rebounding 16.6% by Thursday.
Risks: The trade continues to hinge on limited supply. Should capacity expand more rapidly or AI demand slow, chip prices and margins may shrink. Micron is currently 21% beneath its June 25 peak.
SK hynix is scheduled to publish its second-quarter earnings on July 29, with the announcement set for 09:00 KST. This marks the upcoming assessment for Thursday’s scarcity trade.
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