Midday update
Memory chipmakers led Monday's midday decline after China's CXMT reported progress on a denser memory-cell design that threatens Micron and Sandisk.
Memory chipmakers are leading Monday's midday decline after China's CXMT reported progress on a denser memory-cell design. Technology is the weakest sector today, down 1.1%.
- $MU is down 3.0% at $998.42, bringing Micron's market cap to $1.128T, after falling as much as 4.9% to $978.50 as CXMT's progress on a 4F-squared cell structure, which packs more memory cells per chip, raised a direct competitive threat. CXMT plans DDR5 server-memory products on it by the end of 2026, but no shipped product has been announced, so the market is pricing a potential threat to the memory segment.
- Sandisk is down 5.6% at $1,492.59, with market cap near $221.0B, after touching a 7.4% loss, falling alongside Micron, SK Hynix and Samsung on the same CXMT development.
- Technology is the only sector besides Consumer Cyclical in the red, with memory names doing much of the damage and profit-taking adding to the pressure after a massive run in the group.
- ConocoPhillips is up 2.0% as Energy leads all sectors, up 1.4%.
- Meta Platforms is up 3.9% as Communication Services gains 1.0%.
Overall, oil reporting points to Russian diesel supply hopes and possible Russia-Ukraine energy de-escalation, yet crude is up 2.1% at $93.79 after trading as low as $89.65, and producers are rising with it. Whether that rebound holds is one to watch into the close.
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