Micron's 20% Drop Signals Doubt on AI Chip Demand Beyond 2026

Micron fell 19.6% from June peaks—still up 309% year-to-date through early July. The pullback reflects investor skepticism: the memory chipmaker hit $1 trillion valuation in May on assumed endless demand for AI-focused high-bandwidth memory. The recent selloff suggests markets now doubt that demand sustains far beyond 2026. The correction is modest against the run, but the swing from certainty to doubt reshapes how the stock gets valued.