Micron (MU 1.05%) stock is seeing a substantial pullback in Wednesday's trading, with shares down 9.6% as of 2:10 p.m. ET. The S&P 500 was up 0.1% at the same point in the day's trading, and the Nasdaq Composite was off 0.2%.
While moves for the S&P 500 and the Nasdaq Composite look relatively muted today, many leading chip stocks are getting hit with big sell-offs. Meanwhile, investors appear to be moving into artificial intelligence (AI) software stocks. On the other hand, there was actually some good news for Micron today.
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Micron loses ground as investors shift into AI software stocks
Top AI chip stocks have been massive winners this year, and few names in the space have been bigger winners than Micron. Even with some recent volatility, the company's share price is up roughly 267% year to date. But while the AI chip trade has been hot in 2026, bullish momentum has wavered recently.
While there hasn't been any negative news for Micron recently, the company's share price has faced some pressure as investors take profits on AI chip stocks. At the same time, investment dollars appear to be rotating back into artificial intelligence software stocks.
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Micron lands new partnership deal
Micron stock is moving lower today, but there has actually been some good news for shareholders. The company announced that it had entered into a new partnership with General Motors. Through the contract, Micron will provide memory chips and storage platforms to support GM's vehicle production and deliveries. Long-term contracts securing high profit margins have been a major source of bullish momentum for Micron over the last year, and it looks like the company is poised to continue recording wins along those lines.
