NEW YORK, June 8, 2026, 09:07 (EDT)
- Micron traded up in Nasdaq premarket after a steep chip selloff on Friday.
- Nvidia’s new SK Hynix deal brought AI memory supply back into focus for traders.
- Micron is set to report earnings on June 24.
Micron Technology was up in premarket trade Monday, rebounding 8.2% after last week’s drop. Shares changed hands at $935.07, ahead of the open, after a $864.01 close on Friday. Chip names steadied and traders reworked positions in the AI memory group.
Chip stocks took a heavy hit Friday, erasing over $1 trillion in market value for U.S.-listed makers. Micron shares tumbled 11%, wiping out around $127 billion in value, Reuters said. The Nasdaq Composite lost 4.18%. The Nasdaq 100 was down 4.77%.
Nvidia, Broadcom, and Micron were up between 1.7% and 3.7% premarket on Monday, Reuters reported, as U.S. stock-index futures ticked higher. “Sometimes these moves get too far too fast and you need a bit of a pullback,” said Art Hogan, chief market strategist at B Riley Wealth. Reuters
Nvidia is making a move in South Korea. The company announced several deals with SK Hynix, Naver, SK Telecom and Doosan. The partnerships are partly about locking in supply of memory chips for AI systems. SK Hynix agreed to a multi-year tech partnership, SK Group said, to work on advanced memory for global AI data centers.
That kind of move usually rattles Micron investors on competitive fears. SK Hynix remains the top player in high-bandwidth memory, or HBM—a key stacked memory tech used by AI processors for fast data. Still, Barron’s said investors got some relief after Nvidia said it will keep buying HBM4 from Micron and Samsung, not just SK Hynix. That eased talk that SK Hynix would become Nvidia’s sole supplier.
Nvidia CEO Jensen Huang said, “SK Hynix will continue to be Nvidia’s largest memory partner,” Reuters reported. Ryu Young-ho, a senior analyst at NH Investment & Securities, said the Nvidia-SK Hynix partnership backs the view that memory chips are shifting away from being just a commodity and are getting more customer-specific. MarketScreener
Micron made a similar argument at Computex last week. “System performance is now driven by memory bandwidth and memory capacity,” said Sumit Sadana, the company’s executive vice president and chief business officer. Micron pointed to HBM, DRAM and NAND products built for AI data centers. DRAM is short-term memory for servers, PCs and phones; NAND is flash storage. Micron Technology
Broker moves pushed the stock higher. Cantor Fitzgerald lifted its Micron target to $1,500 from $700 and kept an Overweight call, MT Newswires reported on MarketScreener. Wells Fargo separately boosted its Micron target to $1,220 from $550 with the same Overweight rating.
Bulls are pointing to the numbers. In March, Micron posted fiscal Q2 revenue at $23.86 billion, way up from $8.05 billion a year earlier. The company forecast Q3 revenue of $33.5 billion, give or take $750 million. CEO Sanjay Mehrotra said at the time that “memory has become a strategic asset for our customers.” Micron Technology
Micron has its fiscal third-quarter report coming up on June 24. The chipmaker set the call for 2:30 p.m. Mountain time. Traders want to see what happens with orders, pricing, and whether AI memory demand is spreading past the biggest buyers.
This setup isn’t one-way. The quoted gain was in Monday’s premarket, ahead of the Nasdaq open. Nasdaq notes extended-hours trading often brings higher volatility and lower liquidity, so moves can be sharper with fewer trades. If inflation runs hot this week, if AI-chip demand dips, or if SK Hynix and Samsung start grabbing more of Nvidia’s next memory cycle, Micron’s rally could get squeezed again.
