Micron Slides 4% Amid Broad Memory Selloff Even as Bull Case Strengthens Around HBM and DRAM Market Share

Micron Technology shares fell roughly 4% on September 10, 2026, pulled down alongside SK Hynix, which sank 5% to $189.47, and Western Digital, which dropped 3%, as a jump in oil prices and a hotter-than-expected August Producer Price Index stoked inflation fears and weighed on high-beta technology stocks. The selloff came despite JPMorgan initiating coverage of SK Hynix with an Overweight rating and a $245 price target, a call that failed to hold the sector up against the macro pressure. Micron also attracted selling from elevated options activity and a broader rotation out of AI-linked names.

The decline arrived on a day crowded with bullish longer-term analysis. One Seeking Alpha piece rated MU a Buy with 26% upside, citing high-bandwidth memory-driven DRAM scarcity, Strategic Customer Agreements totaling $22 billion extending into 2030, Q3 FY2026 revenue growth of 346% year over year, and Q4 guidance targeting $50 billion in revenue with continued double-digit sequential growth. A separate analysis argued Micron could be the next Nvidia for patient investors, while a Yahoo Finance piece floated a path to a $1 trillion market capitalization based on a roughly tenfold earnings forecast. Barron's noted a technical breakout in Micron shares as the memory trade returned, with the stock testing key support near $984 before consolidating around $970.

On the competitive front, TrendForce data showed Micron held 23.3% of global DRAM revenue in the second quarter of 2026, just 1.6 percentage points behind SK Hynix at 24.9%, putting Micron within striking distance of the number two position. The same session brought a headwind from Kepler Computing, an Intel-backed startup that said it aims to disrupt the memory-chip market, contributing to the stock's slip. Separately, billionaire Stanley Druckenmiller was reported to have sold his Micron position, and Michael Burry trimmed shorts on Micron while keeping longer 2027 positions intact, leaving him net short AI names broadly. Bears pointed to Micron's historical boom-and-bust pattern, noting the company swung from an $8.7 billion profit to a $5.8 billion loss in prior cycles as a reminder that cyclical risk has not been eliminated. Micron and SK Hynix were named top holdings in a newly launched NRAM ETF focused on AI memory demand.