NEW YORK, June 11, 2026, 05:07 EDT
- Micron ended Wednesday at $891.88, off 4.7%. Sellers stuck with AI chip stocks again.
- Micron named Bechtel for the first phase of its Clay, New York memory-fab project, but the move still happened.
- Micron’s June 24 fiscal third-quarter report is the next test, as investors want to see if AI memory demand backs up the stock’s big rally.
Micron Technology fell 4.7% to $891.88 on Wednesday as selling hit AI-linked chipmakers. The stock has traded like a top AI bet this year, but now investors are pushing back on its valuation. Micron has been a big 2026 winner among semiconductor names.
Micron’s business did not collapse on Tuesday, but investors lost patience. Reuters said the Philadelphia semiconductor index dropped 3.6% Wednesday. Nvidia and Broadcom were heavy drags on the S&P 500. The Nasdaq Composite shed 1.98%.
Micron (MU) shares have been swinging around. AP said the stock went from red to green before closing down 4.7% Wednesday, after a 7.7% drop last Thursday, a 13.3% dive on Friday, then a 9.9% bounce Monday. The key thing for investors now: the AI memory trade is still going, but it’s no longer trading like nothing can go wrong.
Micron and Bechtel on the same day said Bechtel will take on engineering, procurement and construction work for Micron’s first-phase memory manufacturing facility in Clay, New York. Bechtel will mobilize right away at the White Pine Commerce Park site in Onondaga County, according to both companies.
Micron is working to build long-term supply for AI, not just catch one spike in prices. The New York site is slated to be the country’s biggest chip plant, according to the companies, with the project set to create 50,000 jobs in New York and more than 4,500 construction jobs.
Micron exec Manish Bhatia called the New York plant “the most advanced memory manufacturing in the world,” playing up its AI potential. But on Wednesday, investors looked at whether the outlays for that future will still deliver if AI stocks lose steam. Bechtel
Micron’s latest numbers show why the shares soared. In its fiscal second-quarter results out March 18, the chipmaker posted revenue of $23.86 billion, up from $13.64 billion last quarter and $8.05 billion a year ago. GAAP net income came in at $13.79 billion, or $12.07 per diluted share.
Micron is projecting fiscal third-quarter revenue of $33.5 billion, give or take $750 million, and sees non-GAAP diluted EPS hitting $19.15, up or down 40 cents. Non-GAAP numbers strip out items management says might hide business trends; investors pay attention, but these figures aren’t standard GAAP.
AI systems need fast memory. High-bandwidth memory, or HBM, is a stack of speedy memory chips set right next to AI processors so data can move fast. Another key product for Micron is DRAM, used as working memory in servers, PCs, and other hardware as processors run calculations. NAND is storage memory for solid-state drives and phones. Micron, in its latest 10-Q, said memory and storage demand from AI is outpacing supply in the industry, which is good for prices and margins.
That tight-supply story is still what keeps bulls interested. Micron reported second-quarter DRAM sales jumped 74% from the prior quarter, with average selling prices up by the mid-60% range. NAND sales climbed 82%, as ASPs increased in the high-70% range. Average selling price means the average revenue per unit sold; higher ASPs can drive profit higher in memory upcycles.
Memory remains a cyclical business, even with AI demand. Micron in its 10-Q said rivals might ramp up capital spending, leading to more global supply and possible pressure on average selling prices if demand doesn’t keep up. The company also pointed to risks from construction, increased costs, tariffs and trade restrictions, and the difficulty of making expanded capacity pay off.
Micron’s June 24 earnings call has taken on extra weight as the next clear catalyst. The company will report its fiscal third-quarter results at 4:30 p.m. EDT, then host an analyst call at 6 p.m. EDT the same day. How the stock trades could hang less on broad AI memory talk and more on whether Micron delivers on pricing, margins, and supply deals that back the trillion-dollar valuation seen weeks before.
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