Micron (MU) rebounds after $100 billion intraday wipeout as chip dip-buyers return

Micron (MU) erased roughly $100 billion in market value at its May 12, 2026, intraday low before buyers stepped in, turning a sharp selloff into a test of investor conviction in the AI-driven memory-chip trade. The rebound followed fresh supply concerns after Samsung’s labor dispute raised the risk of an 18-day strike that could disrupt memory-chip production. Micron, viewed as a bellwether for AI memory demand, remains up more than 170% in 2026 and was less than 1% below its May 11 all-time closing high. The broader semiconductor group also recovered from May 12 lows. The PHLX Semiconductor Index (^SOX) bounced, while Nvidia (NVDA), Broadcom (AVGO), Texas Instruments (TXN), Analog Devices (ADI), ON Semiconductor (ON) and Seagate (STX) traded at or near record highs. Traders are watching Micron’s $700 area as a key support level; holding it would suggest a shakeout, while a break could pressure the chip rally.