Micron's 862% Rally Hits a Speed Bump as COMPUTEX Debuts HBM4 and $245TB SSDs

Micron showcases HBM4 and PCIe Gen6 SSD at COMPUTEX 2026, but shares fall 8% on profit-taking after reaching $1 trillion market cap. Technicals suggest exhaustion.

The timing could hardly have been more awkward. On the same day Micron Technology took the stage at COMPUTEX 2026 in Taipei to flaunt its strongest product lineup in years, the company's shares suffered an 8% plunge — sliding from a 52-week high of €938.70 to trade around €855. The pullback, driven by profit-taking after a staggering year-long ascent, has left investors weighing whether the underlying story remains intact.

The semiconductor maker used the June 2–4 expo to unveil a suite of memory and storage solutions tailored specifically for the AI data center boom. At the center of the presentation was the HBM4 memory module, featuring 36 gigabytes in a 12-layer design. This high-bandwidth chip promises to significantly boost throughput for large language models. Micron confirmed that sampling of HBM4 products has already begun with key customers for next-generation AI platforms.

Alongside the HBM4, Micron introduced two new enterprise SSDs. The Micron 9650 was billed as the world's first commercially available PCIe Gen6 solid-state drive. The Micron 6600 ION, meanwhile, delivers up to 245 terabytes of capacity while slashing power consumption and physical footprint compared to traditional hard drives — a straightforward trade for space-constrained data centers. Completing the product trifecta was the 256-gigabyte SOCAMM2 memory module, aimed at power-efficient edge applications from robotics to automotive systems.

The product blitz comes as Micron crosses a momentous threshold. On June 2, 2026, the company’s market capitalization surpassed $1 trillion for the first time, a milestone underscoring the insatiable demand for AI memory chips and the industry's robust outlook through 2028. That valuation was built on an extraordinary run: the stock has gained 862% over the past 12 months and 223% year-to-date. Even after the 8% retreat, the shares remain near €870.

Despite the steep daily decline, technical indicators suggest the move was more about exhaustion than a fundamental shift. The relative strength index stood at 69 just prior to the drop — just below the overbought threshold of 70. The annualized 30-day volatility of over 92% highlights how violently the stock can swing in either direction following a rally of this magnitude.

On the manufacturing front, Micron is pushing ahead with a massive capital expenditure program. A new chip fabrication plant in Boise, Idaho, carries a price tag of roughly $50 billion, with first wafer production slated for mid-2027. The fab will leverage the company's 1-gamma DRAM technology, which offers a 30% higher bit density than the previous generation — a cost advantage that should bolster margins as volume ramps.

That technology edge was already on display in the HBM4's architecture. Micron's 1-gamma DRAM, combined with strategic customer agreements and a growing cloud storage business, is expected to drive record revenue and expanding margins in the coming quarters. The next concrete checkpoint for shareholders will be the regular quarterly earnings report, which will reveal whether the HBM4 sampling has begun to flow into the top line.

For now, the narrative remains intact: Micron's product pipeline is arguably the strongest it has ever been, and the secular AI tailwind shows no signs of abating. The question is how much of that story is already priced in after a near-ninefold rally — and whether a single-day pullback is merely a pause or the start of a deeper reset.