Micron, SK Hynix stocks fall as Chinese memory maker announces progress in new design
Micron led memory chip stocks lower on Monday.
What happened: Micron ( MU ) and SK Hynix ( 000660.KS , SKHY ) stocks fell 2% as Samsung Electronics ( 005930.KS ) tumbled 4% alongside the broader South Korean stock market.
What's behind the move: The move comes after Chinese memory maker ChangXin Memory Technologies (CXMT) ( 688825.SS ) announced significant progress in a new memory-cell design aimed at increasing storage density, an area of innovation also being pursued by the largest memory makers in the world, including Samsung Electronics, SK Hynix, and Micron.
CXMT aims to introduce a new server memory product built on the architecture by the end of 2026, company president Cao Kanyu said at an industry event in Shanghai over the weekend.
What else do you need to know? Micron stock is down roughly 16% from its all-time high in June.
Last week, D.A. Davidson's Gil Luria lifted his price target for the memory chip manufacturer to $3,000, the highest on Wall Street, citing long-term growth opportunities tied to artificial intelligence.
The revised target marks a significant increase from the firm's previous $2,100 estimate.
Ines Ferre is a senior business reporter for Yahoo Finance.
Topics in this story
Gathered from external sources. Rights to this text belong to whoever originally published it.