Micron Shares Slide as ASML Earnings Spark Semiconductor Caution

Micron Technology (MU) faced downward pressure during Wednesday's trading session, with shares falling 3.5% as of 2:20 p.m. ET. The decline occurred despite positive momentum in the broader tech sector, where the Nasdaq Composite rose 1.1% and the S&P 500 climbed 0.5%. Earlier in the session, the stock had dropped as much as 5.7%. The volatility is largely attributed to the quarterly performance of ASML, the primary provider of extreme-ultraviolet-lithography (EUV) machines. Because Micron relies on this specialized equipment to produce its high-bandwidth-memory (HBM) chips, ASML's financial health and guidance often serve as a leading indicator for Micron's operational outlook. ASML reported a first-quarter profit of 7.15 euros per share on revenue of 8.77 billion euros, exceeding analyst expectations of 6.61 euros per share and 8.66 billion euros in sales. Furthermore, ASML increased its full-year revenue guidance to a range of 36 billion to 40 billion euros, up from the previous estimate of 34 billion to 39 billion euros. Despite the beats, investors reacted negatively to the magnitude of the growth and expressed concerns regarding export restrictions to China. While the market reaction has weighed on Micron's valuation, some analysts suggest the sell-off may be an overreaction, as ASML's 2026 outlook does not indicate a fundamental bearish shift for the memory-chip specialist.