Micron Technology (MU, Financials), a semiconductor company that makes DRAM and NAND memory chips used in data centers, computers and other electronics, extended its recent slide Wednesday.
Shares fell about 2% and traded near $921. The stock has now lost more than a quarter of its value in less than two weeks.
The speed of the drop stands out because Micron had been one of the stronger names in the AI chip trade. Investors piled into memory stocks as data-center spending lifted demand and pushed memory prices higher.
That enthusiasm has cooled quickly. After a steep rally, traders are taking another look at how long strong pricing can last and whether AI infrastructure spending can keep growing at the same pace.
Micron's business is closely tied to changes in memory supply and pricing, so shifts in market expectations can move the stock sharply in either direction.
The next test is whether memory demand stays tight enough to support pricing. If it does, the recent selloff may look overdone. A softer demand picture could keep pressure on the shares.