Micron and Memory Stocks Slump on China Tech Gains and End of Buybacks

Key Facts

1Micron shares fell nearly 5%, trading below the $1,000 level and approaching bear market territory.

2China's CXMT announced technical progress in 4F² DRAM cell architecture, threatening the technological lead of major incumbents.

3The Korean Kospi index dropped 3-4% as Samsung and SK Hynix shares fell following the conclusion of share buyback programs.

Micron shares fell nearly 5%, trading below the $1,000 level and approaching bear market territory, according to ZeroHedge. China's CXMT announced technical progress in 4F² DRAM cell architecture, a move Goldman Sachs described as a threat to the technological lead of major incumbents. Additionally, Reuters reported that the Korean Kospi index dropped 3-4% as Samsung and SK Hynix shares fell following the conclusion of share buyback programs.

MU closed at $1,029 on October 9, 2026, while SKHY closed at $169.03 on the same date. The semiconductor complex faced heavy selling pressure despite Micron's strong revenue guidance, with Goldman Sachs projecting that CXMT's DRAM supply could reach 41% and 50% of Samsung and SK Hynix levels respectively by 2028. Meanwhile, SNDK closed at $1,581.82 on October 9, 2026.