On June 4, Micron Technology declined 6.4% in regular trading, trading at $999.0/share with trading volume of $11.601 billion, retreating from record highs set earlier in the week.
The selloff was triggered by a broad semiconductor sector downturn after Broadcom reported AI chip revenue guidance that fell short of market expectations. Broadcom plunged over 15%, dragging down the entire chip complex. Within the semiconductor sector, Broadcom fell 15.29%, AMD declined 6.19%, Marvell Technology dropped 5.9%, Intel lost 2.42%, and NVIDIA slipped 0.55%.
Micron had just broken above $1,000 per share for the first time on June 2, with its market capitalization surpassing $1.2 trillion. Multiple Wall Street firms had recently raised their price targets dramatically — Susquehanna to $1,750, Raymond James to $1,110, Morgan Stanley to $1,050, and Mizuho to $1,150. However, analysts had also flagged that the stock was among the most overbought in the market with its 14-day RSI well above 70, and that supply constraints could temper near-term revenue growth ahead of its June 24 earnings report.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
Comments