Micron Technology stock was dropping early Tuesday. The memory-chip company was following a broad move down in semiconductor stocks amid rising bond yields.

Micron shares were down 4.7% at $963.79 in the premarket. That was set to puncture the momentum that had taken the stock above $1,000 the previous day.

The move wasn't unique to Micron, with South Korean peer SK Hynix falling 5.1% in the U.S. premarket and Sandisk down 5.5%. Chip stocks as a whole were being punished as rising bond yields signaled higher borrowing costs amid concerns over an escalation of tensions in the Middle East.

Micron has become a volatile stock with a more-than 700% gain in the past 12 months. However, Barron's has previously argued it could double from its current levels as booming memory demand driven by artificial-intelligence hardware moves it beyond its normal boom-and-bust cycle.

Wall Street analysts have an average target price of $1,549 on Micron shares according to FactSet.