It looks like another day of pain for Micron Technology with the memory-chip stock on the sharp end of worries about reduced artificial-intelligence infrastructure investment. But there's no real evidence yet of an AI pause.

Micron shares were down 5.1% at $925.50 in premarket trading Monday. Added to losses from last week and the stock is set to lose all of its gains in September and is currently down 10% over the past three months. American depositary receipts of its peer SK Hynix were falling 6.9%, while S&P 500 futures fell 0.6% and Nasdaq-100 futures were down 1.5%.

Micron is a volatile stock having risen more than sixfold in the past 12 months and reacts sharply to anything indicating a slowdown in spending on AI.

The latest worry is the bosses of Anthropic, OpenAI, and SpaceX all calling for a slowdown in AI development over the weekend.

That would be pretty bad for the memory-chip market as it is AI hardware which has driven a supply shortage and soaring prices. Analysts at UBS estimate that out of a nearly $1 trillion in AI capital expenditure between 2025 and 2027, around 90% is set to be spent on memory. A true pause in the technology would put all of that at risk.

Lucky for Micron then that we still seem to be a way off anyone actually stopping building data centers. The most concrete measure so far has been Claude developer-Anthropic's commitment to allow third-party evaluators access to its systems. Meanwhile, Anthropic appears to be steaming ahead with plans for an initial public offering that could value the company at $2 trillion-not exactly a sign that spending is about to stop.

So far, the Trump administration is still backing the data-center buildout and no AI executive has said they would reduce their capex spending. A more immediate issue might be high borrowing costs as markets bet on the Federal Reserve to raise interest rates this week. But Micron has weathered AI spending concerns before and so far this looks just like another bout of volatility.