Micron Technology shares dropped roughly 4.7% on June 10, settling at $891.88 after investors decided to cash in some of their gains from a blistering AI-fueled rally. The stock had touched a record high near $1,088 during the run-up, which makes the pullback look less like panic and more like someone finally exhaling after holding their breath for a month.
The timing is notable. Micron’s fiscal Q3 2026 earnings report is expected on June 24, and the anticipation around that number is doing exactly what earnings anticipation always does: making people nervous enough to lock in profits.
The numbers behind the nerves
The stock had surged 83% over a 30-day period earlier in 2026, propelled by tight supply conditions in the memory chip market and a seemingly bottomless appetite for AI infrastructure spending. The company’s market capitalization briefly crossed the $1 trillion threshold in late May.
Wall Street’s expectations for the upcoming earnings report are ambitious. Analysts are projecting fiscal Q3 revenue of approximately $33.5 billion, plus or minus $750 million, with gross margins hovering near 81%. Expected earnings per share range from $19.15 to $19.63.
