NEW YORK — Shares of Micron Technology rose more than 4% on Monday, leading a rebound in memory chip stocks after a sharp sell-off last week driven by concerns about competition from China.

Micron shares were up $37.45, or 4.26%, at $916.29 as of 10:27 a.m. Eastern time on the Nasdaq. The stock had closed Friday at about $878.84.

The gain followed a 14.6% drop in Micron shares last week, according to Reuters.

Memory stocks rebound

Memory and storage stocks rebounded broadly on Monday. Sandisk rose more than 6%, while Western Digital and Seagate Technology also gained in early trading.

The recovery was part of a wider rally in semiconductor stocks after their steepest weekly decline in months. The........

© International Business Times