Micron's 20% Correction: Market Questions Whether AI Chip Boom Extends Beyond 2026

Micron fell 19.6% from its June peak, though it remains up 309% year-to-date as of July 2. The pullback signals investor uncertainty: the stock had rocketed to $1 trillion market cap in May on expectations that AI-driven high-bandwidth memory (HBM) demand would sustain the cycle. The June–July selloff suggests the market no longer assumes demand extends far beyond 2026. The stock's repricing is modest relative to its run, but the shift from certainty to doubt matters for valuation trajectories.