Micron shares have fallen nearly 30% over the last six trading days, though they remain up more than threefold over 52 weeks, and Sandisk fell another 13% in the same session. Many investors blame China's CXMT, which is developing a new “4F square” memory chip to market as HBM and reports $1 billion in customer prepayments for its DRAM chips, a 15.7-fold increase from the end of 2025, according to DigiTimes. The article notes Micron is the world's third-largest DRAM supplier and CXMT is fourth, but CXMT lags far behind in HBM, where SK Hynix holds at least a 50% share and CXMT's next-generation HBM3E yields are only 20% to 30%.
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