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Micron (MU) stock has been under sustained pressure since the company released its second-quarter fiscal 2026 financial results. Shares have fallen 28% from their all-time high of $471.34, reflecting investor concerns that emerged following the earnings announcement. The primary reason for the decline has been the company’s updated capital expenditure outlook, which signaled a significant increase in spending.
Micron now expects fiscal 2026 capital expenditures to exceed $25 billion, well above its earlier estimate of $20 billion. This larger investment plan has raised concerns about potential margin compression and earnings growth in the coming years.