Micron Technology's stock experienced a significant decline due to fears surrounding the initial public offering of a Chinese memory-chip competitor. Despite a remarkable 700% rise in value over the past year, the market reaction suggests that investors are cautious about the potential impact of the new rival.

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Micron Stock Takes a Dive. A Chinese Rival Could Shake Up the Chip Market.

By Adam Clark

and Anita Hamilton

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Micron shares have risen nearly 700% in the past 12 months. (Justin Sullivan/Getty Images)

Shares of high-flying memory chip makerMicron Technologyfell sharply Wednesday. The initial public offering of a Chinese memory-chip rival might be testing the nerves of shareholders.

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Micron Stock Drops With Chinese Memory Chip Competition About to Get Fiercer

Micron Stock Takes a Dive. A Chinese Rival Could Shake Up the Chip Market.