Micron's rally just hit a wall

The stock got jumpy

Micron has been the poster child for the AI memory trade, which is great until everyone piles into the same boat and it starts rocking. After a monster run to an all-time high, MU dropped nearly 13% over two sessions — its worst two-day stretch in more than a year — as traders hit the exit on overheated momentum.

What sparked the wobble?

The selloff wasn’t just Micron being Micron. The broader semiconductor group wobbled after reports that no AI chip deals came out of the Trump-Xi summit in Beijing, plus fresh reminders that the market may have gotten a little too excited, a little too fast. In other words: the vibe shifted from “AI is eternal” to “maybe let’s check the temperature.”

The bulls are still pounding the table

Here’s the twist. While the chart looks bruised, the analysts are still all-in on the cycle:

• Citi lifted its price target to $840 from $425 and kept a Buy rating.
• Melius upped its target to $1,100 from $700, making it the Street high.
• Both camps think DRAM and HBM pricing still have legs, thanks to tight supply and sticky AI demand.

That’s the classic Wall Street split-screen: traders are selling the rip, while analysts are basically saying, “Hold my spreadsheet.”

Why you should care

Micron’s momentum is clearly cracking, but the bigger debate is whether this is a healthy reset or the first real sign the AI memory trade is getting crowded. If the bull case is right, the dip could be a pause. If not, you may be looking at the kind of unwind that makes every semiconductor name feel a little less invincible.

Big picture: the stock is wobbling, but the Street still sees a memory supercycle — and that’s a combo that can keep MU volatile for a while.