Micron Technology (MU) shares declined nearly 4% in Thursday premarket trading, falling to $861.43 as a broad selloff swept across the memory chip sector.

The downward move followed Western Digital (WDC) shares plunging 15% after issuing disappointing guidance, while SanDisk (SNDK) dropped 9.4% as a mixed outlook overshadowed better-than-expected quarterly results. The reports fueled concerns about margin sustainability throughout the memory industry and weighed on broader sentiment. The selloff underscores how tightly memory chip stocks trade in sympathy — a negative signal from one major player can rapidly reprice the entire group, even when individual companies face different product and demand exposures.

Seagate Technology (STX) also declined 3.82% in premarket trading as the selloff extended across AI memory and storage stocks.

Despite the pullback, Micron's longer-term technical picture remains intact. The stock is trading 61.5% above its 200-day simple moving average of $528.27, indicating the broader uptrend is still in place. The relative strength index (RSI) stood at 49.16, signaling neutral momentum — the stock is neither overbought nor oversold, consistent with consolidation rather than a trend reversal. Key resistance sits near $1,012, while initial support is around $804, a level buyers have previously defended.

Tim Cook's Remarks Reinforce Pricing Strength

Apple CEO Tim Cook drew attention during Apple's latest earnings call when he stated that Apple paid "significantly more" for memory in the June quarter than in March. He went on to say that costs will be "even higher" in the current quarter.

For Micron — one of only three major global suppliers of DRAM and high-bandwidth memory (HBM), alongside Samsung and SK Hynix — those comments represent a direct tailwind. The trio collectively dominates global DRAM production, a concentrated structure that has historically amplified price moves when end-demand shifts in either direction. Higher memory costs for customers such as Apple translate into higher average selling prices for producers.

Cook's remarks suggest the pricing pressure is not a short-term phenomenon. With industry shortages expected to persist into 2027 and Micron's capacity fully committed under multiyear supply agreements, the supply-demand balance continues to favor suppliers. HBM, which is essential for AI accelerators and commands a significant price premium over conventional memory, has been a key driver of Micron's margin expansion and remains central to Wall Street's bullish thesis.

Micron shares had already tripled during the first half of 2026 before reaching an all-time high in late June. The stock subsequently fell 26% from that peak before partially recovering. The current pullback appears more consistent with profit-taking than a deterioration in underlying fundamentals.

Analyst Expectations Ahead of September Earnings

Micron is scheduled to report earnings on September 22, 2026. Wall Street consensus calls for earnings of $31.24 per share on revenue of $50.72 billion, compared with $3.03 per share and $11.31 billion in revenue during the same period a year earlier — a more than tenfold projected increase in per-share earnings that reflects the scale of the pricing supercycle now embedded in expectations.

The stock currently trades at approximately 20.2 times earnings.

KeyBanc raised its price target to $1,750 on July 14, maintaining an Overweight rating. Cantor Fitzgerald raised its target to $2,000 on June 29, also retaining an Overweight rating. The consensus analyst price target stands at $1,548.86.

Micron carries a Momentum score of 99.65 and a Quality score of 97.70 in Benzinga Edge rankings.

MU stock was down 3.56% at $861.43 in Thursday premarket trading.