Micron shares plummeted 10% on Monday, continuing the memory maker's significant post-earnings sell-off.
The company snapped a six-day slide on Friday with a modest gain, but with Monday's loss, the stock is down 30% since its blowout earnings report on March 18.
Other tech names also saw big losses Monday as oil climbed with the Iran war entering a fifth week and President Donald Trump threatening to destroy the country's oil facilities. Neocloud companies CoreWeave and Nebius were each down about 8%, while memory makers SanDisk and Western Digital each sank 7% and 9%, respectively.
Micron's strong earnings report for the second quarter was fueled by insatiable demand for artificial intelligence chips.
Micron, SK Hynix and Samsung are the major memory suppliers for high-performance AI chips from companies like Nvidia. The surge in AI demand has led to a shortage.
After reporting earnings, CEO Sanjay Mehrotra told CNBC's "Squawk on the Street" that key Micron customers only get "half to two-thirds of their requirements" due to the supply crunch.
Micron shares are up 270% from one year ago, but most of those gains have retreated in 2026. The stock is only up about 2% year-to-date after the recent slide.
