Micron Stock (MU) Slides as Rival SK Hynix Eyes a U.S. Listing

FomoAnxiety · 2026-03-24T15:01:49+00:00

Micron's stock fell 2.55% amid news that SK Hynix plans to raise $10 billion through a U.S. listing, which could intensify competition. Despite this, analyst Yik Ban Chong maintained a Buy rating for Micron, highlighting strong earnings and AI demand.

FomoAnxiety

2026-03-24 15:01:49

Abstract generation in progress

Micron (MU) stock dipped on Tuesday alongside news that rival memory and storage company SK Hynix (HXSCL) is seeking additional funding. According to recent reports, SK Hynix wants to raise $10 billion from a listing in the U.S. This would help the company with its plan to purchase $8 billion of extreme ultraviolet equipment from ASML Holding (ASML) by the end of 2027.

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If SK Hynix pursues a U.S. listing for its shares, it could be a negative catalyst for Micron stock. As it stands now, investors don’t have many options for investing in SK Hynix. The company’s stock is only available over-the-counter or through the CSOP SK Hynix Daily 2X Leveraged Product ETF (HK:7709). However, a U.S. listing would make it more easily accessible to investors, who could trade out their shares of MU stock for SK Hynix stock.

Despite the potential increase in competition for Micron, the company did get a vote of investor confidence yesterday. Four-star Phillip Securities analyst Yik Ban Chong reiterated a Buy rating and increased his price target to $530 from $500, implying a possible 35.83% upside for the shares. Chong pointed to a strong earnings report and increased demand for its advanced high‑bandwidth memory for AI GPUs as reasons to remain bullish on MU stock.

Micron Stock Slips Today

Micron stock was down 2.55% on Tuesday but was still up 38.15% year-to-date. The stock has also rallied 329.34% over the past 12 months. Those year-over-year gains make sense, as the company has seen its shares boosted by the need for computer components amid the AI boom.

MU stock trading activity today was low, with about 4.45 million shares traded, compared to a three-month average daily trading volume of about 35.7 million shares.

Is Micron Stock a Buy, Sell, or Hold?

Turning to Wall Street, the analysts’ consensus rating for Micron is Strong Buy, based on 25 Buy and two Hold ratings over the past three months. With that comes an average MU stock price target of $357.57, representing a potential 35.84% upside for the shares.

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