Micron Technology’s stock has fallen 30% from its peak of $1,213.37 on June 25, 2026, despite the memory chipmaker reporting blockbuster earnings that month. As of July 17, 2026, mu stock closed at $848.95, erasing much of the gains that followed the company’s fiscal third-quarter results.
Micron reported third-quarter revenue of $41.46 billion, more than quadrupling from $9.3 billion a year earlier, according to CNBC. The company guided for fourth-quarter revenue of around $50 billion, compared with $11.3 billion in the prior year. The earnings beat initially sent shares soaring more than 15% on June 25, and the stock is still up 309% year-to-date in 2026.
The sell-off began almost immediately after the earnings rally. On June 26, Micron stock sank more than 6% as part of a broader global tech decline. Intel fell 3%, Arm shed nearly 4%, and Marvell declined 5%, according to CNBC. The memory chipmaker’s stock has continued to lose ground into July, giving back the post-earnings gains and pushing it significantly below its June high.
Market Concerns Outweigh Strong Fundamentals
The disconnect between strong earnings and falling stock prices reflects investor anxiety about the sustainability of AI-driven demand. According to CNBC, investors remain wary of the rising costs of artificial intelligence infrastructure, with the sell-off reverberating across global markets following reports that OpenAI was considering pushing back its IPO timing.
Micron’s surge in revenue stems from hyperscalers building out AI infrastructure, including data centers that require huge amounts of memory chips. That demand has reduced memory supply for other devices like smartphones and PCs, pushing prices higher and lifting Micron’s earnings. However, the market’s focus has shifted to concern about the capital intensity of AI expansion and whether current valuations can be justified if spending moderates.
Memory chip stocks are leading a sharp selloff in AI-related names, according to Morningstar, marking a reversal of the AI momentum trade that had driven the sector higher through mid-2026. The 52-week high for Micron is $1,255.00, which is 47.8% above the current share price, suggesting significant downside risk if sentiment continues to deteriorate.
Sources
- Macrotrends — historical stock price data showing all-time high of $1,213.37 on June 25, 2026, and current price of $848.95 as of July 17, 2026
- CNBC — Micron’s Q3 revenue of $41.46 billion (up from $9.3 billion), Q4 guidance of $50 billion, 15% post-earnings gain, and analysis of investor concerns about AI infrastructure costs
- Yahoo Finance — year-to-date stock performance of 309% in 2026
- Morningstar — analysis of memory chip stock selloff as part of broader AI stock reversal
