What Is Going on With Micron Stock on Thursday?

Micron Technology Inc. (NASDAQ:MU) stock fell more than 4% in Thursday trading session as investors reacted to a leadership change at NVIDIA Corp. (NASDAQ:NVDA) and broader weakness across AI-linked semiconductor stocks.

The decline came as U.S. equity futures weakened, with S&P 500 futures down 0.7%.

Nvidia Leadership Change Weighs On Chip Stocks

NVIDIA said Jensen Huang resigned effective immediately as president, CEO and a board member.

The company named CFO Colette Kress interim CEO while its board searches for a permanent successor. NVIDIA also appointed Harvey C. Jones as its first chair of the board.

NVIDIA reiterated that it will report third-quarter fiscal 2027 results on Nov. 17.

The leadership change pressured the broader semiconductor complex as investors reassessed positioning across companies tied to NVIDIA and the AI infrastructure supply chain.

The iShares PHLX SOX Semiconductor Sector Index Fund (NASDAQ:SOXX) and VanEck Semiconductor ETF (NASDAQ:SMH) fell roughly 4%-5%, while the Invesco QQQ Trust, Series 1 (NASDAQ:QQQ) dropped almost 2%.

Micron Remains Closely Linked To Nvidia Supply Chain

Micron designs and manufactures high-speed memory chips that NVIDIA uses in its AI processors and consumer graphics products.

The companies operate at different points of the computing supply chain rather than competing directly, with Micron supplying memory technology used alongside NVIDIA processors.

That relationship leaves Micron exposed to shifts in sentiment surrounding NVIDIA and the broader AI hardware market.

Technical Picture Shows Pullback

Micron trades 9.9% below its 20-day SMA of $849.67 and 19.4% below its 50-day SMA of $950.53, reflecting weakness in the shorter-term trend.

The stock remains slightly above its 200-day SMA of $762.08, leaving that longer-term moving average as an important nearby technical level.

Earnings And Analyst Outlook

Micron’s next earnings report is estimated for Dec. 16, 2026. Analysts expect EPS of $35.07, up from $4.78 a year earlier, and revenue of $56.55 billion, compared with $13.64 billion.

The stock trades at a P/E multiple of 10.9 times.

Micron carries a Buy consensus rating with an average price forecast of $1,622.38, based on 50 analysts, with targets ranging from $1,100 to $3,000.

Recent actions include Rosenblatt maintaining Buy with a $1,900 forecast on Oct. 22, Needham maintaining Buy with a $1,650 forecast the same day, and Rosenblatt maintaining its $1,900 forecast on Oct. 13.

ETF Exposure

Micron carries an 8.73% weighting in the Invesco S&P 500 Momentum ETF (NYSE:SPMO), an 8.25% weighting in the State Street SPDR NYSE Technology ETF (NYSE:XNTK) and an 8.47% weighting in the Pacer Data and Digital Revolution ETF (NYSE:TRFK).

Those positions leave Micron exposed to broader semiconductor and fund flows alongside company-specific developments.

MU Price Action: Micron Technology shares were down 4.06% at $778.36 at the time of publication on Thursday, according to Benzinga Pro data.

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