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Micron Warns China Sales Ban Impact Exceeds Expectations, Share Price Dips”

Micron Faces Greater Revenue Impact from China Sales Ban

Micron, the largest memory chip maker in the United States, issued a warning on the 16th, stating that the impact of China’s sales ban on its revenue would be more significant than initially anticipated. The news had an adverse effect on Micron’s share price, which closed down by 1.7% on the same day.

Financial disclosure in Micron’s recent regulatory filing revealed that approximately half of its revenue from customers headquartered in China would be affected, representing a “low double-digit” percentage of its overall revenue. Previously, Micron estimated the impact of the Chinese sales ban to be in the low- to high-single-digit percentage range.

Micron Stock Price Declines After China’s Ban Announcement

Micron’s stock price concluded the day down by 1.69%, settling at $67.66 per share on the 16th.

China Implements Sales Ban on Micron Chips Due to Cybersecurity Concerns

In May, Beijing authorities announced a ban on Micron chips in China’s “major infrastructure” following a cybersecurity review. The Chinese government cautioned domestic infrastructure operators against purchasing Micron products, citing “relatively serious” cybersecurity risks associated with the company’s offerings in China.

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Micron’s China Revenue Significantly Impacted by Sales Ban

As a result of the cybersecurity review, Micron stated that several of its customers were approached by officials. Micron derives approximately one-quarter of its global revenue from customers in China or Hong Kong, including direct sales and indirect sales through distributors. This segment remains a significant portion of the company’s revenue.

Micron’s Ban Amplifies Uncertainty for US Chip Manufacturers

Micron became the first U.S. chip maker to face targeting by Beijing following stringent export controls imposed by the United States on technology products bound for China. With China being the world’s largest semiconductor market, Micron’s ban exacerbates the uncertainty surrounding sales of U.S. chip manufacturers in the Chinese market. Despite the restrictions, Micron extended an olive branch on the 16th, announcing an investment of over 4.3 billion yuan (approximately $600 million) in its existing Xi’an packaging and testing plant over the next few years through China’s WeChat platform.

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