Micron’s stock fell after Apple CEO Tim Cook stated that Apple is actively seeking additional memory suppliers to diversify its sources and weaken the pricing power of major memory makers. Memory prices have surged roughly 60% for DRAM and 70% for NAND, forcing Apple to raise retail prices by up to 20% starting in mid-2026. Apple is reportedly exploring sourcing from Chinese manufacturers CXMT and YMTC for products sold outside the US, while lobbying the Trump administration to relax export controls. Despite this, Micron reported record fiscal Q3 2026 results with a non-GAAP gross margin of 84.9% and has secured 16 strategic customer agreements with five-year terms, reflecting sustained AI-driven memory demand.
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