GoKawiilPeople visit Micron booth during the 7th China International Import Expo (CIIE) at the National Exhibition and Convention Center (Shanghai) on November 5, 2024 in Shanghai, China.
Micron 's blowout second-quarter earnings report fueled by a surge in memory demand hasn't been a boon for the stock.
Since reporting on Wednesday, the memory maker's stock has dipped about 15%.
Micron has benefited from the soaring demand for artificial intelligence chips, which require large amounts of memory.
Micron, SK Hynix and Samsung make up nearly the entire market for the types of memory that AI companies like Nvidia and Advanced Micro Devices depend on for their high-performance chips.
"Memory today is very tight supply and supply cannot be brought up that easily, and you are seeing that in our results," Micron CEO Sanjay Mehrotra told CNBC's "Squawk on the Street" on Thursday. "You are seeing the value of memory reflected in our strong financial performance in Q2."
Mehotra added that the company has had trouble serving its customers as the supply crunch tightens, with key customers only getting "50% to two-thirds of their requirements."