Bubble

Insanity News!

Micron, the WTF AI Mania Chart of the Year

by Wolf Richter • May 27, 2026

The stock of memory chip maker Micron Technology has a history of fantastical mania spikes that then collapse. So now there’s another fantastical mania spike, but it’s an AI mania spike, and everything else pales compared to it. Since the low of April 3, 2025, Micron’s stock [MU] exploded by 1,315%, and its market capitalization exploded from $72 billion to $1.01 trillion. Over the past 12 months, shares exploded by 854%. Yesterday, they spiked by 19%. Today, they’re up about 2% at the moment, at $916 a share.

But for Micron, spikes have invariably been followed by collapses.  

For example, from September 1995 to July 1996, the stock collapsed by 82%; and from Micron’s Dotcom Bubble’s peak in July 2000 ($95.13) to December 2008, so in about 8 years, it collapsed by 98% to $1.85, most of which in the first two years. 

There were numerous spikes followed by post-spike plunges of 50% or more. 

But it took the shares 18 years (till March 2018) to exceed the Dotcom Bubble high for the first time, and then shares plunged 50% again, well below the Dotcom Bubble high.

J. Paul Getty Quote!

Stock Market - "For as long as I can remember, veteran businessmen and investors - I among them - have been warning about the dangers of irrational stock speculation and hammering away at the theme that stock certificates are deeds of ownership and not betting slips.

The professional investor has no choice but to sit by quietly while the mob has its day, until enthusiasm or panic of the speculators and non-professionals has been spent. 

He is not impatient, nor is he even in a very great hurry, for he is an investor, not a gambler or a speculator. 

There are no safeguards that can protect the emotional investor from himself."