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Micron and SK Hynix extend losses after CXMT memory progress report
Micron slid another 6% to an intraday low of $92.9, while SK Hynix fell 4.4% to its lowest level since late August.
Micron Technology and SK Hynix shares extended losses in Tuesday’s trading on October 13, with investors citing concerns about competitive risk and the sustainability of the AI-led rally, according to LiveMint Markets.
Micron shares fell another 6% to an intraday low of $92.9, extending losses for a second straight session, while SK Hynix dropped 4.4%, after a 4% decline in the prior session, and hit their lowest level since late August.
The sell-off followed a report that Chinese memory rival CXMT has made progress in developing memory technology that competes with products the two companies are also working on, LiveMint Markets said.
CXMT is aiming to introduce a new server memory product based on the relevant architecture by the end of 2026, citing comments from company president Cao Kanyu at an industry event in Shanghai, while other chip stocks including Nvidia, Broadcom, AMD, Marvell Technology, and Intel were trading modestly higher, the outlet reported.