Key Highlights

  • Shares were down 4.29% at $776.49 in pre-market, from an $811.30 prior close after an 11.89% gain on Wednesday.
  • Chip stocks weakened after reports that Nvidia's board is weighing its CEO's future.
  • Wednesday's rally followed CoreWeave results and long-term Supply deals with the AI cloud company, according to market data.
  • KeyBanc has a $1,750 price target and Goldman Sachs a $1,250 target, according to market data.
  • The shares remain well below their 52-week high of $1,255.00.

Micron Technology (NASDAQ:MU) shares were down 4.29% at $776.49 in pre-market on Thursday, from a prior close of $811.30. The memory chipmaker gave back part of an 11.89% rally on Wednesday as chip stocks weakened on reports that the board of Nvidia (NASDAQ:NVDA) is weighing the future of its CEO.

Nvidia Reports Pressure the Chip Group

Nvidia shares were down about 8% in pre-market, and Nasdaq-100 futures fell about 0.9%. The technology sector ETF was down about 1.7%, according to market data. Nvidia has not announced a Leadership change, and it reports Earnings on November 17 after the close.

Wednesday's Rally Followed CoreWeave Results

The prior session's gain followed strong results from CoreWeave (NASDAQ:CRWV) and a raised 2026 outlook, which eased worries about AI spending. Market data said Micron has long-term supply deals with the AI cloud company, and the Philadelphia Semiconductor index jumped about 6% to 7%. Micron closed up about 12% at $811.30.

Analyst Targets and Remaining Risks

KeyBanc has a price target of $1,750 and Goldman Sachs a target of $1,250, according to market data. The same data put the shares at about 4.6 times forward earnings and roughly 38% below the 52-week high of $1,255.00.

Risks cited include hot Inflation data, Federal Reserve rate-hike bets, post-midterm data-center policy worries and memory-cycle concerns.

What Comes Next

Investors will watch Nvidia's November 17 earnings report and any board decision. Jobless claims data is due at 8:30 a.m. ET, followed by existing home sales at 10 a.m. Micron's 52-week range is $192.59 to $1,255.00, and pre-market quotes may change before the regular session opens.