Despite the S&P 500 and Nasdaq 100 hitting all-time highs, Micron Technology Inc. (NASDAQ:MU) remains in the red.
The decline follows a volatile week for the semiconductor giant. Sentiment soured following first-quarter results from ASML Holding NV (NASDAQ:ASML). The Dutch firm is the sole supplier of EUV lithography systems.
The chip equipment maker posted net sales of 8.77 billion euros ($10.26 billion), up from 7.74 billion euros a year earlier and slightly above analyst estimates of $10.21 billion.
Traders Booking Profits
While ASML beat earnings estimates, its second-quarter sales guidance of 8.4 billion to 9.0 billion euros sat below the 9.1 billion euro consensus.
ASML CFO Roger Dassen noted the company built flexibility into guidance to “accommodate potential outcomes of the export control discussions.” These geopolitical concerns regarding China continue to weigh on memory fabrication players like Micron.
The dip follows a massive rally. Micron surged over 40% in just two weeks. Traders are now booking profits to lock in these recent gains.
Insider Selling Activity
Regulatory filings showed EVP Sumit Sadana sold 24,000 shares Tuesday. The transaction totaled approximately $10.11 million. While Sadana retains a substantial stake.
Macro Volatility Dampens Micron Momentum
Broad market strength has not shielded Micron from inflationary fears. Rising oil prices and Middle East tensions remain a backdrop for high-growth tech. However, AI fundamentals stay robust. Counterpoint Research noted Tuesday that Micron’s HBM3E efficiency remains a core driver for AI performance.
MU Stock Price Activity: Micron Technology shares were down 1.56% at $449.11 at the time of publication on Thursday, according to Benzinga Pro data.
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