On June 4, Micron Technology declined 3.11% overnight, trading at $1055.01/share, with trading volume of $31.997 million. The pullback came amid a broad semiconductor sector selloff, with Broadcom falling 12.93%, Marvell Technology down 5.52%, and AMD declining 2.55%.
The decline follows recent technical warnings that Micron had become one of the most overbought stocks in the market, with its 14-day RSI exceeding 70 — a level historically associated with imminent corrections. The stock had surged over 700% in the past twelve months, breaking through the $1 trillion market cap milestone, driven by explosive AI-related HBM demand and successive target price upgrades from major investment banks including UBS ($1,625), Susquehanna ($1,750), and Morgan Stanley ($1,050).
Despite the short-term pullback, multiple analysts maintain bullish outlooks citing HBM capacity sold out through the end of the year, forward P/E still below 10x, and supply-demand tightness expected to persist into at least 2028. However, some market participants have cautioned about elevated valuation sensitivity and the risk of sharp reversals given the stock's extreme operating leverage.
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