Thai Depositary Receipts (DRs) tied to Micron Technology fell notably, tracking the U.S. stock’s after-hours drop following Micron’s stronger-than-expected second quarter 2026 results. Despite the semiconductor company’s outstanding performance, higher forecasted capital spending weighed on investor sentiment, directly impacting the DR price in Thailand.
For the quarter ended, Micron posted revenue of $23.86 billion, a nearly threefold increase from $8.05 billion a year earlier and substantially above analyst projections of $20.07 billion. Adjusted earnings per share climbed to $12.20, outpacing consensus estimates of $9.31.
The robust growth stemmed primarily from elevated demand for High-Bandwidth Memory and advanced computing infrastructure, driven by rapid adoption of generative AI applications. Gross margin expanded notably to 74.4%, up from 36.8% in the prior year, underscoring strong pricing power amid tight supply conditions.
Looking forward, the company issued an optimistic outlook for the third quarter, forecasting revenue around $33.5 billion and adjusted EPS of $19.15, both well ahead of current market expectations.
However, investor focus shifted to the costs of sustaining this momentum. Micron raised its capital expenditure forecast for fiscal 2026 to more than $25 billion, with management also signaling that construction-related costs could grow by over $10 billion in 2027 to expand global manufacturing capacity.
Micron’s stock, which had reached a record high of $471 during the regular session, fell 4.43% in after-hours trade. Analysts pointed to the stock’s surge of more than 350% over the past year, suggesting that exceptional results had already been reflected in the price.
In line with the stock’s movement in U.S. after-hour sessions, Thai Depositary Receipts (DRs) linked to Micron also experienced a similar decline.
