On October 15, Micron shares fell 4% to 4.5% while Nvidia slipped between 1.3% and 1.8%. Over the course of the week, 20 major AI and semiconductor stocks lost over $1 trillion in combined market value. The sell-off was triggered by a Financial Times report showing OpenAI’s annualized revenue run rate at approximately $50 billion, falling short of the expected $68 to $70 billion. Rising US inflation and interest rate concerns, along with ChangXin Memory Technologies’ (CXMT) advancements in DRAM technology directly threatening Micron’s core business, added to the pressure. Despite record gross margins and locked-in high-bandwidth memory contracts for 2026, investors remain cautious due to the cyclical nature of the memory business and growing Chinese competition.
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