Micron slides as Intel's memory-cost warning lifts cycle concerns

Micron shares fell 4.5% to $892.19 early Friday, tracking a semiconductor selloff after Intel and Amazon earnings disappointed. Intel cited surging memory chip costs as a drag on PC demand and said it does not expect a sustained recovery until memory availability improves and pricing normalizes. For Micron, the shortage boosts profitability, but lower-end device customers are scaling back specifications or passing on price increases. The risk is that if AI spending falters, PC and smartphone customers will have already pulled back and cannot fill the gap. Major tech companies mostly maintained capex guidance, with only Microsoft trimming slightly. Micron remains haunted by past cycles where shortages led to gluts and steep earnings falls.