Micron Technology Inc., the largest US maker of computer memory semiconductors, fell by the most in two months after making a modest increase to its revenue outlook and projecting more operating expenses.

Shares were down as much as 4.5% in New York, the most since Sept. 28. Micron is now expecting $4.7 billion in adjusted revenue in the first quarter of the fiscal year, up from as much as $4.6 billion previously. The Boise, Idaho-based company also significantly raised its projected adjusted operating expenses to $990 million.

A boost in Micron’s forecasts was widely expected as demand for chips has picked up. Investors had been looking for a turning point in what has otherwise been a brutal year for the industry. Micron shares had previously rallied 55% in 2023 on expectations that the historic chip slump was ending.

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