Key Highlights

  • Micron (NASDAQ:MU) closed at USD 795.23 in the November 4, 2026 session, down 7.00%, on 35.90 million shares, about USD 28.5 billion of stock, third on the most-active screen by traded value.
  • Relative Volume was 1.40, and the screen showed a trailing P/E of 10.72 on diluted EPS of USD 74.21, up 878.77% over twelve months.
  • On November 5, the stock fell 17.46% to USD 656.39, a day on which reports said construction of a planned Taiwan memory plant worth about USD 4.5 billion had largely stopped.
  • The company said its Taiwan operations continue as normal and that it will keep negotiating with the Taoyuan workers' union.

Why Micron Was Sold

Memory has been one of the strongest trades of 2026 because AI servers need large amounts of high-bandwidth and conventional DRAM, which drove prices and Micron's Earnings sharply higher. The midterm results challenged that story. With Democrats in control of Congress and the incoming Texas governor pledging a pause on new Data Center approvals, investors began to price a slower buildout and less pressure on memory supply. Memory stocks fell hard on November 4, with Sandisk down 7.91% alongside Micron. The same theme lifted device makers such as Apple, which would gain from cheaper memory. Because Micron trades at a high share price and a Market Value near USD 900 billion, even an ordinary share count produced one of the largest traded values of the day. Relative volume of 1.40 confirms that institutions, not just retail traders, were reducing exposure. The broader semiconductor index fell 3.13% the same day.

The Taiwan Plant Report

The second day brought company-specific news. Reports on November 5 said Micron had largely suspended construction of a fab in Taoyuan, Taiwan, planned to make HBM and DRAM with operations around 2028, after a dispute with its local union over bonuses, pay and profit sharing. Taiwan accounts for about 60% of Micron's DRAM output. The Taoyuan union, which represents about 2,400 of roughly 3,000 local staff, held a symbolic 24-hour strike on October 22, while a separate agreement was reached in Taichung in late October. Micron did not directly address the suspension but said operations are normal and it is confident of stable supply. The stock lost 17.46% that day, before chip stocks rebounded on November 6. The labor issue matters because a long dispute could delay new capacity just as customers seek Supply for 2027 and beyond, while a fast settlement would remove one of the stock's newer worries.

Risks and What to Watch

The risks are a slower data center buildout, a turn in memory pricing after a steep rise, and labor disruption in Taiwan. A low P/E of 10.72 reflects peak-cycle earnings, which can fall quickly if prices soften. Investors should watch the union talks, any change in the Taoyuan timeline, memory price trends and commentary from cloud buyers on Capital spending. The Quarterly Report and any update on HBM supply contracts will show whether Demand from AI customers has changed. A trailing EPS growth rate of 878.77% shows how far earnings have already risen, which leaves room for disappointment if pricing turns.

Where Things Stand

Micron ranked among the most active stocks on November 4 because investors unwound the memory trade after the midterm results raised doubts about data center growth. The 7.00% fall was followed by a 17.46% drop on November 5 as a Taiwan plant report added to the pressure. Earnings remain very strong, but the stock now depends on memory prices, policy and labor talks. Investors will look for a resolution in Taiwan first.