Micron Technology shares fell more than 8% on July 28, 2026, joining a broader semiconductor selloff that pushed the PHLX Semiconductor Index down more than 3% and helped erase more than $1 trillion in combined market value across AI-linked chip names including Nvidia, Samsung, AMD, TSMC and Micron over the month. SK Hynix also dropped more than 8% and Sandisk lost more than 13% as investors took profits after an extended rally and reassessed whether the AI capital expenditure cycle can sustain the current pace of data center buildouts. The retreat came despite strong operating signals at Micron, which reported fiscal Q3 revenue of $41.46B, pointed to potential Q4 revenue of $50B, and saw demand for high-bandwidth memory, or HBM (AI-focused memory chips), keep its entire 2026 HBM capacity reportedly sold out under contract before the year started. Micron had gained more than 200% year to date before the pullback and was trading near $950 to $1,000 as of mid-August 2026, while Citi analysts said the decline could be a buying opportunity rather than a structural warning because Micron’s position in the AI memory supply chain remains hard to replicate quickly.