Micron Loses $57 Billion Market Cap Amid Persistent Memory Shortage
On September 9, 2026, Micron Technology (NASDAQ:MU) lost approximately $57 billion in market value despite reporting strong financial results and issuing record revenue guidance. The stock closed at $977.41 after a 4.9% drop amid concerns over worsening global memory shortages and increased competition from an Intel-backed startup entering the high-bandwidth memory (HBM) space. Micron's fiscal Q3 2026 results showed significant outperformance, with revenue of $41.46 billion—up 345.7% year-over-year—and non-GAAP EPS beating expectations by nearly a quarter. The company guided for $50 billion in Q4 revenue and an 86% gross margin, the highest outlook ever issued. Despite these strong fundamentals, CEO Sanjay Mehrotra noted that supply remains far behind demand across DRAM, NAND, and HBM markets, with tight conditions expected to persist beyond 2027. Micron's $100 billion in take-or-pay contracts provide long-term revenue visibility but did not prevent the sharp market reaction.
Topics: AI chips HBM scarcity market cap drop memory shortage Micron