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Micron shares swing after record growth, China IPO boosts supply fears
Micron reported record fiscal third quarter revenue of $41.5 billion, but its stock remains volatile, including a 9% one day drop on July 28 amid wider chip selling and concerns after China’s ChangXin Memory Technologies went public.
Micron Technology’s stock has surged in 2026 but remains highly volatile, with the shares still up about 190% for the year while falling more than 25% from an all time high set in late June, including an approximate 9% single day drop on July 28 as chip stocks sold off worldwide, Yahoo Finance reports.
On fundamentals, Micron posted record fiscal third quarter revenue of $41.5 billion, up 346% year over year and 74% sequentially, with non-GAAP earnings of $25.11 per share, according to the report. Management also entered 16 Strategic Customer Agreements, including 14 deals that secure roughly $100 billion in cumulative baseline revenue under minimum pricing terms.
The report says Micron trades at under 6 times forward earnings, far below the semiconductor industry’s typical high 20s multiple, and that 51 of 55 analysts covering the stock rated it a buy as of July 31. It also notes that the company has said tight supply conditions should persist beyond 2027, supported by data center buildouts and a longer term demand wave tied to AI powered humanoid robots.
Despite the growth, the article points to new investor concerns tied to supply, citing the July 27 Shanghai IPO of China’s ChangXin Memory Technologies, which raised about $8.6 billion and saw shares jump roughly 470% on debut, quickly making it China’s most valuable listed company, while trailing major global peers. It adds that investors are worried ChangXin’s rapid gains could pressure future industry pricing and demand.