Micron (MU) Stock Slips as Nvidia CEO Exit Tests Its 16% Weekly Gain

TLDR

Micron stock slipped 1.7% to $784.72 in early Friday trading.
The stock is still up 16% over five sessions, while Nvidia is down 11%.
Nvidia’s CEO exit and Tuesday earnings are the near-term focus.
Micron can start major buybacks from Dec. 9.
Micron reports earnings on Dec. 16.

Micron (MU) stock slipped 1.7% to $784.72 in early trading Friday. It is the second straight day of losses for the memory-chip maker.

Micron Technology, Inc., MU

The stock fell 1.6% on Thursday after Nvidia CEO Jensen Huang resigned. Even so, Micron is up 16% over the past five sessions.
Nvidia (NVDA) went the other way in that stretch, dropping 11%. The two names are trading in opposite directions this week.
Micron has more than tripled in the past 12 months. This week’s dip is a small dent in a big run.
What Changed at Nvidia
Huang stepped down effective immediately as president, CEO and board member. CFO Colette Kress is now interim CEO.
The board is searching for a permanent successor. It also named Harvey C. Jones as its first chair.
The news hit the chip group hard on Thursday. The iShares Semiconductor ETF and the VanEck Semiconductor ETF each fell roughly 4% to 5%.
Micron’s deals with Nvidia do not depend on who is CEO. The worry is whether Nvidia keeps funding the wider AI ecosystem under new leadership.
Nvidia reports earnings Tuesday. Investors will listen for Kress to reaffirm that commitment.
Buybacks, Politics and the Chart
Micron can begin major stock buybacks from Dec. 9. Barron’s earlier estimated it could repurchase $100 billion of stock in the fiscal year ending August 2027, more than 10% of its market value.
Blue Line Capital’s Bill Baruch named Micron his final trade on CNBC. He said the stock “trades at four times” and that big buybacks are coming.
Politics is another factor after Democrats’ wins in the midterms. Texas Governor-elect Gina Hinojosa has called for a lasting moratorium on data-center construction in the state, a key AI hub.
The chart is mixed. Micron trades 6.1% below its 20-day moving average and 16.4% below its 50-day, but 3.7% above its 200-day.
Funds hold the stock in size. It carries an 8.73% weighting in the Invesco S&P 500 Momentum ETF, 8.25% in the State Street SPDR NYSE Technology ETF and 8.47% in the Pacer Data and Digital Revolution ETF.
Analysts lean bullish. The consensus rating is Buy, with an average target of $1,622.38 from 50 analysts and forecasts from $1,100 to $3,000.
Rosenblatt kept its Buy rating with a $1,900 target, and Needham kept Buy with a $1,650 target on Oct. 22. Both calls came before this week’s Nvidia news.
Micron’s next earnings report is set for Dec. 16. Analysts expect EPS of $35.07, up from $4.78 a year earlier, and revenue of $56.55 billion, up from $13.64 billion.
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