Micron falls after report of Chinese rival CXMT's expansion plan

Western Digital

03/08/2026 15:16

Updates after market open
** Memory chip-maker Micron Technology MU.O falls 3.9% to $790.99
** Chinese rival CXMT 688825.SS plans a second memory-chip plant in Beijing and is in financing talks with a tech manufacturing hub backed by the local government, two sources familiar with the matter told Reuters
** The move by China's largest chipmaker aims to boost production amid strong global demand driven by AI, intensifying competition for major DRAM producers including MU
** While CXMT is smaller than global leaders Micron, Samsung 005930.KS and SK Hynix 000660.KS, its growth is part of Beijing's push for self-sufficiency in the chip industry, a potential long-term risk for incumbents
** U.S.-listed shares of SK Hynix SKHY.N drop 4.8%
** Other U.S. data-storage and flash-memory stocks also fall, with Seagate STX.O and Western Digital WDC.O falling over 7%
** Including session's moves, MU is up about 175% YTD, far outpacing the 10.5% rise in the Nasdaq .IXIC, though shares remain ~37% below their all-time intraday high from June 2026

 (Reporting by Ragini Mathur in Bengaluru)
 ((Ragini.Mathur@thomsonreuters.com;))