The memory-chip selloff spread across AI storage names after Western Digital's weak guidance and Sandisk's mixed outlook offset stronger quarterly figures.
Micron Technology shares fell 3.56% to $861.43 in Thursday premarket trading as pressure on semiconductor stocks intensified alongside weaker Nasdaq futures and disappointing read-throughs from Western Digital and Sandisk. Nasdaq futures were down 0.45%, while S&P 500 futures rose 0.15%. The decline reflected a broader retreat in memory and storage shares after Western Digital's guidance disappointed investors despite a quarterly beat, and Sandisk's mixed outlook raised questions about margin durability even though its results topped expectations. Seagate Technology, Sandisk and Micron all traded lower before the bell. From a technical standpoint, Micron sat 5.1% below its 20-day simple moving average and 12.3% below its 50-day SMA, signaling near-term pressure, but it remained 14.4% above its 100-day SMA and 61.5% above its 200-day SMA, suggesting the longer-term uptrend is still intact. The relative strength index (momentum gauge) stood at 49.16, indicating neutral momentum rather than overbought or oversold conditions. Resistance was cited near $1,012 and initial support around $804. Wall Street expects Micron's next earnings report on Sept. 22, 2026, with earnings forecast at $31.24 per share on revenue of $50.72 billion, versus $3.03 per share and $11.31 billion a year earlier. The stock trades at about 20.2 times earnings, carries a consensus Buy rating and has an average analyst price forecast of $1,548.86. KeyBanc and Cantor Fitzgerald recently reiterated Overweight ratings while lifting or maintaining price targets. Micron is also a sizable holding in semiconductor and technology ETFs, including Invesco PHLX Semiconductor ETF, Invesco AI and Next Gen Software ETF and Fidelity Disruptive Technology ETF, meaning fund flows can affect demand for the shares. Benzinga Edge ranked the company strongly on momentum, growth and quality, while assigning a lower value score that suggests the stock trades closer to fair value than at a steep discount.