Micron Shares Sink 13% After SemiAnalysis Report, Despite Nvidia HBM Certification

Micron Technology (MU) shares plunged 13% on June 5, 2026, capping a two-day drop of over 20%, after research firm SemiAnalysis reported Nvidia (NVDA) slashed memory capacity for its next-generation Vera Rubin server rack. The sell-off overshadowed a same-day announcement from Nvidia CEO Jensen Huang that Micron had qualified as a supplier of HBM4 memory. The SemiAnalysis report, which drove the decline, targeted modular memory (SOCAMM DRAM), not the high-bandwidth memory (HBM) used for AI servers. Industry analysts from TrendForce and Barron’s argued the capacity cut actually reflects HBM’s production squeeze, as HBM requires triple the wafer capacity of standard DRAM. This is expected to tighten supply and strengthen memory makers’ pricing power. SemiAnalysis founder Dylan Patel later clarified the analysis was “not bearish,” but the stock did not recover. The episode renews scrutiny on SemiAnalysis’ record. Critics note the firm previously forecast Micron would receive “essentially zero” HBM4 orders for Nvidia’s Rubin platform in its first year; the stock subsequently climbed over 130%. Micron’s CFO, responding to the reports, said HBM4 is already in mass production ahead of schedule for the Rubin platform.