In Amazon's 2026 second-quarter earnings call on July 30, CEO Andy Jassy forecast that capital expenditures would likely reach $220 billion for the year. That's up from a previously expected $200 billion, which was attributed to higher memory costs. The Micron stock price, however, didn't benefit after Amazon reported earnings, dipping 5.9% from $874.66 on July 30 to $823.03 on July 31. As of this writing, over the last 12 months, the Micron stock price is up more than 660%. Despite the recent sell-off, Micron is likely to continue to do well over the next two years.