Micron Technology shares have fallen 9.4% over the past month, underperforming the Zacks Computer and Technology sector's 2% decline, as investors trim exposure to memory and storage stocks. The sell-off, which also hit Sandisk down 18.2%, Western Digital down 5.6%, and Seagate Technology down 2.7%, reflects concerns over hyperscaler returns on AI investments and profit-taking after a strong first-half rally. Despite the pullback, Micron's business remains robust, with fiscal third-quarter revenue surging 346% year over year to $41.46 billion and non-GAAP earnings per share jumping to $25.11 from $1.91, driven by booming AI memory demand. The company has already sold out its high-bandwidth memory production for calendar year 2026 and reserved a meaningful portion of 2027 capacity, while its forward price-to-earnings ratio of 5.88 sits well below the sector average of 21.26. Zacks Investment Research rates Micron a Strong Buy, viewing the dip as a buying opportunity tied to the ongoing AI infrastructure buildout.
Micron Technology Inc
Sandisk Corp
Seagate Technology PLC
Western Digital Corporation