Key Points
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AI stocks were down broadly as investors reacted to the uncertainty in the industry after Jensen Huang stepped down from Nvidia.
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Micron shares have soared due to the memory shortage created by the AI boom.
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Nvidia is Micron’s biggest customer.
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Shares of Micron (NASDAQ:MU), the memory chip giant, were pulling back today as part of a broader sell-off in the chip sector.
Investors continue to digest the shocking news that Jensen Huang has stepped down as the CEO of Nvidia (NASDAQ:NVDA) after a string of affairs that included a suspected Chinese spy and a direct report.
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His loss carries consequences not just for Nvidia but for the broader AI sector, including Micron, whose surge has been fueled by a memory shortage from the AI boom, driven in large part by Nvidia.
As of 11:13 a.m. ET, Micron stock was down 5.4%, while the VanEck Semiconductor ETF was down 5.3%.
How Micron fits into the AI boom
In the second trading session following news of Huang’s departure, a sense of malaise appeared to be setting into the AI sector as even competitors that jumped yesterday, like AMD and Broadcom, were down sharply today.
With Huang now gone, the AI boom loses its greatest champion, and that could affect growth and the chances for long-term success across the sector, especially since Nvidia had provided a financial backstop for several companies, including neoclouds like CoreWeave and start-ups like OpenAI.
Micron stock has skyrocketed due to the AI-driven surge in demand for memory chips, sending memory prices soaring. However, Micron is highly sensitive to investor sentiment as investors debate how long this cyclical boom will last. If neoclouds start to falter, sentiment could turn against Micron quickly.
What’s next for Micron
Nvidia will report third-quarter earnings next Tuesday after hours, and the news is likely to move Micron one way or another.
Nvidia is Micron’s biggest customer, so its success is Micron’s success in a number of ways. However, in addition to the usual numbers and guidance from Nvidia, investors will be closely watching commentary from interim CEO Colette Kress for insights into the future of the AI boom and, relatedly, memory demand. Nvidia remains the bellwether for the AI sector.
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Jeremy Bowman has positions in Advanced Micro Devices, Broadcom, CoreWeave, Micron Technology, Nvidia, and VanEck ETF Trust – VanEck Semiconductor ETF. The Motley Fool has positions in and recommends Advanced Micro Devices, Broadcom, Micron Technology, and Nvidia. The Motley Fool has a disclosure policy.
