Micron and SK Hynix shares fell 3%, while Samsung Electronics dropped 4% alongside the broader South Korean market, after Chinese memory maker ChangXin Memory Technologies (CXMT) announced significant progress in a new memory-cell design aimed at increasing storage density. CXMT president Cao Kanyu said the company aims to introduce a new server memory product built on this architecture by the end of 2026. Micron stock is down roughly 16% from its all-time high in June, although the company posted strong quarterly results in September. D.A. Davidson's Gil Luria raised his Micron price target to $3,000 from $2,000 last week, the highest on Wall Street, citing long-term growth opportunities tied to artificial intelligence.
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