NEW YORK, Feb 6, 2026, 16:13 EST — Trading after hours
Micron Technology, Inc. climbed roughly 3.2% Friday, capping a bumpy session as investors weighed new commentary on its AI memory business. Shares traded between $371.27 and $401.50, most recently changing hands at $395.02, up 3.2%.
This tug-of-war is front and center: outsized cloud budgets are rewriting the outlook for memory demand, but they’re also wearing thin with investors. Amazon has thrown out a roughly $200 billion capital spending forecast for 2026, putting data centers back under the microscope, though doubts linger over how quickly those bets will pay off. “The market just dislikes the substantial amount of money that keeps getting put into capex,” said Dave Wagner, portfolio manager at Aptus Capital Advisors. Reuters
The debate around Micron right now centers on high-bandwidth memory (HBM), a stacked DRAM type paired with AI chips for faster data flow. According to Semianalysis, Nvidia isn’t expected to put in any HBM4 orders with Micron. “We currently do not see indications of Nvidia ordering Micron HBM4,” the firm said. Their forecast: Nvidia’s HBM4 needs get split between SK Hynix and Samsung Electronics, about 70% for Hynix, 30% for Samsung. Micron shares had climbed nearly 4% in premarket action, but momentum faded, Investing.com noted. Investing.com
UBS’s Timothy Arcuri sounded an upbeat note, bumping his Micron target up to $450 from $400 while keeping his Buy call. “Our industry conversations now point to memory supply shortages extending deeper into 2027,” Arcuri wrote, highlighting a bigger move toward “three-supplier” sourcing for AI memory. Barron’s
Micron executive vice president and chief business officer Sumit Sadana unloaded 25,000 shares on Feb. 2, fetching weighted average prices in the $429 to $432 range, according to a regulatory filing out this week. After the sale, Sadana’s direct holdings stand at 248,021 shares, the Form 4 indicated.
Micron’s reality hasn’t shifted much: it’s a market built on whiplash. Prices climb when inventories thin out, then drop as new fabs come online. The AI story just turns up the volume—one design win, or a whiff, and suddenly everyone’s recalculating margin forecasts.
There’s a risk here that doesn’t hinge on demand falling apart. Should Nvidia and the rest keep moving their orders from one supplier to another, or if this wave of data-center construction cools off in the wake of the latest capex jolt, Micron’s bargaining power could easily wind up weaker than the bulls are banking on.
Investors will be listening for fresh remarks from Micron’s leadership soon. The company’s executives are on the docket for the Wolfe Research Auto, Auto Tech and Semiconductor Conference, slated for Feb. 11, per its investor events calendar.
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