Micron Slump Deepens as China Memory Rivalry Spooks Traders
Micron Technology fell about 8% after reports that Chinese memory makers, led by CXMT, could intensify DRAM/NAND competition, dragging peers Intel, AMD, and Marvell lower in sympathy. Apple is testing CXMT chips in China, while the SOXX ETF retreated about 4% on sector-wide risk-off. Micron guided Q4 revenue near $50 billion, but markets price in near-term volatility with odds of MU hitting $840 in July around 70%. The move reflects memory-cycle concerns and valuation, though AI memory demand remains a bullish factor for the sector.