US$857.46 - Pre-market surge !

Micron shares are surging in pre-market trading, up over 3% and rebounding sharply from a brutal July in which the stock was down 28%++.

Morningstar senior equity analyst William Kerwin pointed out that shares of Micron were down roughly 30% since their peak in late June, which he told MarketWatch is relatively consistent with other hardware and artificial-intelligence-exposed companies. He said that AI concerns more broadly — such as hyperscaler spending — could also be driving the recent pressure on Micron shares.

“The market is pricing in more uncertainty today that the rate of AI spending continues for several years,” Kerwin said, noting that there are fears brewing over memory overcapacity.