Micron Technology Inc. (NASDAQ:MU) shares are trending on Thursday night.
Shares of the Idaho-based semiconductor company jumped 4.11% to $683.40 in after-hours trading Thursday.
The gain in the late trading session follows an intraday decline of 17.46%, with the large-cap stock closing at $656.39, according to Benzinga Pro data.
Midterm-Driven AI Chip Selloff
The stock move followed a broader selloff in AI-related and semiconductor stocks after the U.S. midterm elections.
A Bloomberg report said Thursday the elections triggered one of the sharpest market rotations in 18 years of trading Asian equities.
Results from Qualcomm Inc. (NASDAQ:QCOM) and Arm Holdings plc (NASDAQ:ARM) added to concerns over capacity constraints and slowing growth, the report said.
Separately, Micron said Thursday that director Linnie Haynesworth will retire at the annual shareholders’ meeting, expected Jan. 14, 2027. She joined the board in February 2021 and chaired its Security Committee from 2024 to 2026. The board will have eight directors after her exit.
Trading Metrics, Technical Analysis
Micron has a market capitalization of about $742.65 billion. Over the past 52 weeks, its stock has traded as high as $1,255 and as low as $192.59.
SLGB has a Relative Strength Index (RSI) of 27.05.
Over the past 12 months, the stock has gained 176.37%.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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