Micron, SK Hynix stocks fall as Chinese memory maker announces progress in new design Ines Ferré · Senior Business Reporter Mon, October 12, 2026 at 8:38 AM EDT 1 min read MU -0.66% AMD -2.03% SNDK -1.72% SKHY -0.86% NVDA -0.52% Explore stocks on Coinbase Trading disclosure Trading disclosure The above button links to Coinbase. Yahoo Finance is not a broker-dealer or investment adviser and does not offer securities or cryptocurrencies for sale or facilitate trading. Coinbase pays us for certain activity generated through this link. Prices displayed are informational.
What happened: Micron (MU) and SK Hynix (000660.KS, SKHY) stocks fell 2% as Samsung Electronics (005930.KS) tumbled 4% alongside with the broader South Korean stock market.
What's behind the move: The move comes after Chinese memory maker ChangXin Memory Technologies (688825.SS) announced significant progress in a new memory-cell design aimed at increasing storage density, an area of innovation also being pursued by the largest memory makers in the world, including Samsung Electronics, SK Hynix, and Micron.
CXMT aims to introduce a new server-memory product built on the architecture by the end of 2026, company president Cao Kanyu said at an industry event in Shanghai over the weekend.
Go deeper with AlphaSpace 1,029.00 -6.84 (-0.66%) At close: October 9 at 4:00:01 PM EDT 1,006.90 -22.10 (-2.15%) Pre-Market: 8:40:36 AM EDT What else do you need to know? Micron stock is down roughly 16% from its all-time high in June.
The company posted strong quarterly results last month.
Last week, D.A. Davidson's Gil Luria lifted his price target for the memory-chip manufacturer to $3,000, the highest on Wall Street, citing long-term growth opportunities tied to artificial intelligence.
The revised target marks a significant increase from the firm's previous $2,100 estimate.
Ines Ferre is a senior business reporter for Yahoo Finance.
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