Micron Technology posted one of the most jaw-dropping quarters in semiconductor history on June 24. By June 25, its stock was down 5%.
The memory chipmaker reported fiscal Q3 2026 revenue of roughly $41 billion, a year-over-year surge of more than 300% from approximately $9.3 billion. Shares initially jumped around 15% in after-hours trading. Then broader Wall Street futures declined, chip stocks slid in sympathy, and profit-taking did what profit-taking does.
Record numbers, record whiplash
Revenue quadrupled. Non-GAAP gross margins expanded to roughly 85%, up from about 39% in the year-ago quarter. The company also highlighted $22 billion in customer deals for memory chips. Competitors Sandisk and Western Digital, which had initially rallied on Micron’s strong results, also turned lower as the sector-wide downturn took hold.
The pullback didn’t happen in a vacuum. Micron had already experienced a roughly 7.5% drop during a mid-June tech selloff prior to earnings. So while the post-earnings pop was dramatic, the stock was effectively recovering lost ground before promptly losing some of it again.
