- Micron Technology, Inc (MU) stock plunged over 10% on July 1, 2026, with an additional 3.22% drop in after-market trading.
- The decline correlates with a steep crash in South Korea‘s KOSPI, led by AI stocks like SK Hynix and Samsung Electronics.
- Despite the dip, Wall Street maintains bullish long-term targets, with an average price target of $1564 for Micron stock.
- Analysts attribute the movement to profit-taking, anticipating continued volatility in the semiconductor sector.
Micron Technology saw its stock price collapse by 10.57% on July 1, 2026, before dropping another 3.22% after hours to fall below the $1000 mark, according to Yahoo Finance data. This sharp correction occurred alongside a steep crash in South Korea‘s KOSPI market, where AI chip giants led the downtrend.
Consequently, SK Hynix and Samsung Electronics corrected by 14.57% and 9.06%, respectively. Market analyst Fabien Yip stated that “Profit-taking appears to be a key driver,” anticipating increased volatility.
However, Wall Street sentiment remains strongly bullish on Micron’s long-term trajectory. Major institutions have revised targets upward, with DBS raising its target to $1400 and Cantor Fitzgerald and Barclays both setting a $2000 target.
Meanwhile, Micron’s recent earnings exceeded expectations, highlighting tight supply for its AI memory chips for years to come. Given the sector’s bullish fundamentals, a price rebound is likely, though Federal Reserve interest rate decisions could spur further volatility.
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