Micron Technology Inc., the leading US maker of memory semiconductors, became the latest chipmaker to declare that demand is falling off rapidly. It warned investors that revenue won’t meet projections, sending industry stocks tumbling.
The company said early Tuesday that fourth-quarter sales are expected to be at the low end of or below its previous guidance as customers reduce their stockpiles of unused chips. There will be “significant sequential declines in revenue and margins,” Micron said in a regulatory filing. Micron shares fell 3.7%, and the benchmark Philadelphia Stock Exchange Semiconductor Index dropped 4.6%.