**Micron Technology (NASDAQ: MU) shares fell 4.1% by 3:05 p.m. ET on Friday, reversing an earlier gain of 6.4%.** The decline followed the announcement of rising interest rates, even as positive earnings from Apple and Amazon indicated sustained spending on memory chips. The S&P 500 was up 0.6% and the Nasdaq Composite gained 1% during the same period.
On the spending front, Amazon announced an increase in its 2026 budget to $220 billion, while Apple signaled that the ongoing memory supply crunch would continue to benefit Micron and other memory makers. This signals a robust outlook for memory spending, despite the current market volatility driven by interest rate concerns following the Federal Reserve’s recent announcement. Rates have hit 19-year highs, impacting high-growth stocks like Micron.
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