New York, June 5, 2026, 04:13 EDT
Micron Technology (MU) slipped again in Friday’s premarket after a rough session. The memory-chip name, one of the top plays in the artificial-intelligence rally, slumped sharply Thursday. The last available price for Micron was $996, off about $81 from the previous close. MarketWatch, quoting Dow Jones Market Data, reported the 7.7% drop took $94.24 billion in value off the stock.
June 5 is a regular trading day for Nasdaq, with no holiday closure listed for 2026. When this was published, the market was in its premarket hours. The Nasdaq opens at 9:30 a.m. ET and closes at 4:00 p.m. ET.
Chip names dropped after Broadcom’s results. The Nasdaq ended off 0.09% on Thursday, even as the S&P 500 and Dow closed higher, with the Dow hitting another record finish. Micron, AMD and Qualcomm lost between 2.6% and 7.7%. Wall Street finished mixed, Reuters said.
Broadcom shares slumped 12.6% after its latest revenue missed the Street and the company stuck with its 2027 AI revenue forecast, despite continued talk about long-term demand. Investors wanted more. “Very high expectations” ran into a market looking for flawless numbers, said Hargreaves Lansdown’s Matt Britzman. Stacy Rasgon at Bernstein said Broadcom stock could “take a pause” for a few quarters. Reuters
Micron faces the question of whether the AI memory push can still back its $1 trillion valuation after a year of big gains. Reuters said this week that Micron hit $1 trillion in market cap on May 26, with shares climbing about tenfold over the past year. The push came from demand for high-bandwidth memory, or HBM—stacked memory placed near AI processors for faster data transfer.
Micron’s position with investors looks different after the recent change. Nvidia CEO Jensen Huang said Micron and Nvidia have their road maps “lined up.” Creative Strategies analyst Ben Bajarin told Reuters it’s being driven by steady customer demand and “real commitment.” Reuters
Micron is pushing that argument. At COMPUTEX this week, Chief Business Officer Sumit Sadana said system performance now depends more on “memory bandwidth and memory capacity.” The company pointed to HBM, server memory modules and data-center solid-state drives for AI training and inference, which is when AI models are run after building. Micron Technology
Micron’s latest rally comes with some strong numbers, a shift for a company tied to cycles. The company posted fiscal Q2 revenue of $23.86 billion and net income of $13.79 billion under GAAP in March. CEO Sanjay Mehrotra said memory is now a “strategic asset” for customers. Micron plans to release its fiscal third-quarter results on June 24. Micron Technology
But there’s a risk the memory cycle could flip earlier than the market now thinks. Barron’s cited Raymond James analyst Karl Ackerman, who said DRAM and NAND prices might reach their top around mid-2026, then start dropping in early 2027. The article pointed to more supply coming out of China and some buyers reducing memory consumption as prices have shot up.
AI demand is still out there, but the risk now is the stock price has gotten ahead of earnings clarity. Paul Nolte, senior wealth adviser and market strategist at Murphy & Sylvest, told Reuters investors haven’t “given up on chips yet.” He also said valuations still need to prove themselves. Reuters
Traders are watching Friday’s open to see if Thursday’s sharp drop was just a breather after a packed rally, or the start of trouble in AI memory stocks. The next major event is still out, with Micron set to report its fiscal Q3 numbers after the bell on June 24.
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