Micron Technology is having the kind of month that makes portfolio managers reach for the antacids. The chipmaker’s stock has tumbled roughly 22% in July, putting it on track for its worst monthly performance in over a decade.
The culprit isn’t slowing demand or a bad earnings report. It’s a company most American investors had barely heard of a few weeks ago: ChangXin Memory Technologies, or CXMT, which just made one of the most jaw-dropping public market debuts in recent memory.
The CXMT factor
CXMT completed a major IPO on the Shanghai STAR Market, targeting roughly $8.6 to $9.8 billion in proceeds. Shares surged more than 466% on their first day of trading, instantly vaulting CXMT into the hundreds of billions in market capitalization.
Micron’s stock had been riding high, reaching all-time highs above $1,200 in June 2026 on the back of booming AI-related memory demand. On July 15 alone, Micron shares fell as much as 8% intraday.
