Micron slips as Samsung's 9% plunge hits memory stocks

Micron Technology shares slipped before Monday's open as Samsung Electronics' 9% plunge rattled the memory-chip sector, dragging SK Hynix down roughly 3% ahead of Nvidia's earnings. Micron traded at $966.78, with its latest quarterly results showing revenue surging to $41.46 billion from $9.3 billion a year earlier, driven by AI demand for high-bandwidth memory. The company's market capitalization has exceeded $1 trillion. However, Micron trades 61.65% above its $598.06 GF Value estimate, signaling stretched expectations. Samsung's announcement doesn't directly damage Micron's order book, but memory remains cyclical, and Asian rivals are spending aggressively.