Micron shares tumble 7.7% on June 4 amid semiconductor selloff

Shares of Micron Technology fell sharply in trading on Thursday, June 4, dropping as much as 7.7% to a low of $971.68. The decline came amid a broader selloff in semiconductor stocks following a quarterly earnings report from rival chipmaker Broadcom, despite that company posting strong results and an optimistic outlook for artificial intelligence demand.

The downturn interrupted a historic rally for the memory chip manufacturer. Micron’s stock had recently surged past the $1,000 mark, propelling its market valuation above $1 trillion. This milestone was driven by soaring demand for its high-bandwidth memory (HBM) chips, which are critical components for AI data centers. The company has reported that its entire 2026 supply of HBM is already sold out.

Financial performance has been exceptionally strong. For its upcoming fiscal third quarter, ending in June, Micron has guided for revenue of approximately $33.5 billion, which would represent nearly 300% growth compared to the same period last year. Gross margins are projected to reach around 81%. These figures underscore the intense demand and favorable pricing environment for advanced memory products.