NEW YORK, Aug. 24 -- Micron has already sold next year. Not forecast it, not guided to it. The company has told investors it completed agreements on price and volume for its entire calendar 2026 high-bandwidth memory supply, its newest HBM4 parts included. The order book for the year is closed.

On Monday the market took 7.1 per cent off the stock anyway.

Micron traded at $897.77 shortly after 11:25am in New York, down from Friday's $966.78 and second only to SanDisk among the day's semiconductor casualties. The Philadelphia Semiconductor Index fell 3.54 per cent, which leaves the American chip benchmark 22.7 per cent below its 52-week high and in a bear market by the conventional definition. The Dow, meanwhile, was up 0.26 per cent.

So...