TSX:5232 12 November 2025

June 28, 2026, 1:09 PM EDT. Micron Technology (NASDAQ:MU) shares dropped 6.69% to $1,132.33 on heavy volume after hitting a 52-week high earlier in the week. The stock trades at 9.1 times annualized fiscal Q4 earnings per share guidance, with remaining performance obligations from strategic memory contracts totaling around $100 billion-just 7.7% of its $1.28 trillion market cap. The semiconductor sector decline and investor caution highlight uncertainty over how much of Micron's future earnings are priced in. Fiscal Q3 revenue surged to $41.46 billion, driven primarily by sharp price increases in DRAM and NAND memory products rather than shipment growth. CFO Mark Murphy noted contracts cover minimum revenue commitments, leaving upside potential if prices hold. The market will closely watch whether these contracts stabilize Micron's traditionally cyclical business.