Micron CEO Sanjay Mehrotra sold over 40,000 shares on July 24 for approximately $37.3 million, according to exchange filings disclosed on Tuesday. The transaction occurred under a pre-arranged Rule 10b5-1 trading plan as Micron stock declined 34% from its June 25 peak amid a broader memory chip sector selloff. The sales came as SK Hynix's second-quarter results missed analyst expectations on Tuesday, triggering a rout in U.S. memory stocks including Micron, which dipped nearly 7% in overnight trading.
Mehrotra Records $37.3 Million Transaction Under Trading Plan
In regulatory filings, Micron disclosed that Mehrotra sold over 40,000 shares on July 24 in total transaction sizes of $29 million and $8.3 million. The CEO has not reported any open-market stock purchases in the last six months. His largest disclosed transactions came in late June, when he sold 28,506 shares through multiple trades, followed by additional sales in July. Micron stock hit its peak on June 25 and declined to a two-month low on Tuesday after three consecutive sessions of losses.
Micron Insiders Execute $44.2 Million in July Sales
Across July alone, Micron insiders recorded roughly $44.2 million of stock sales, with Mehrotra accounting for the bulk of the activity. Board member Mark Liu, the former TSMC chairman, made a rare open-market purchase of about 23,200 Micron shares worth roughly $7.8 million in January. Global Operations EVP Manish Bhatia sold 26,623 shares worth more than $10.4 million in January after equity awards vested. CFO Mark Murphy adopted a Rule 10b5-1 plan to sell up to 162,000 shares through April 2026, with sales now beginning to execute under that plan.
SK Hynix Q2 Miss Triggers Memory Stock Selloff
On Tuesday, SK Hynix reported second-quarter results that missed expectations and triggered a broad selloff in U.S. memory stocks in overnight trading. Micron dipped nearly 7%, while SanDisk and Western Digital slipped 8% and 4.6% respectively. The South Korean chipmaker posted record numbers with second-quarter revenue rising 257% year-over-year and 51% sequentially to 79.32 trillion won ($64.64 billion) and operating profit surging 557% to 60.54 trillion won, but the figures fell short of analysts' targets.
US Tech Sector Experiences July Rotation
The U.S. market is going through a significant rotation in July. Investors are selling off chip and chip-adjacent stocks that ran sharply in the past year and putting the money back in Big Tech and software companies. The pullback comes despite a strong start to the tech earnings season. China's advances in AI and semiconductors have come to weigh on trading in the U.S. Moonshot AI's Kimi K3 gained recognition since its launch on July 16, while China's largest memory chip firm ChangXin Memory Technologies made a debut on the Shanghai Stock Exchange this week.
FAQ
What did Micron CEO Sanjay Mehrotra sell on July 24?
Mehrotra sold over 40,000 Micron shares on July 24 for approximately $37.3 million in total transaction sizes of $29 million and $8.3 million, according to exchange filings disclosed on Tuesday.
Why did Micron stock decline in July?
Micron stock declined 34% from its June 25 peak amid a broader memory chip sector selloff triggered by SK Hynix's second-quarter results missing analyst expectations on Tuesday and a U.S. tech sector rotation where investors sold chip stocks to reinvest in Big Tech and software companies.
