tech
Micron sinks 6%, wrapping a wild week of trading that saw big swings
Micron Technology's shares tumbled on Friday amid a global sell-off in chip stocks.
TL;DR
- Micron's stock dropped more than 6% on Friday, contributing to a volatile trading week.
- The decline occurred alongside a sell-off in global tech stocks, including Intel, Arm, and Marvell.
- Despite reporting a more than quadrupling of third-quarter revenue to $41.46 billion, investors are wary of rising AI infrastructure costs.
- Demand for memory chips from hyperscalers building AI data centers is reducing supply for other devices, driving up prices and boosting Micron's earnings.
- Concerns over AI infrastructure spending have reverberated across global markets, affecting chip stocks in Europe and Asia.