Micron Technology shares were failing to rebound early Wednesday after a sharp drop in the previous session. But its business looks healthy as it's gaining market share.

Micron shares were down flat in premarket trading. That comes after a 7% fall the previous day, with chip stocks hit hard by worries that rising bond yields will crimp spending on artificial-intelligence hardware.

So far, there's still no sign that memory-chip prices will do anything but continue to soar across both dynamic random-access memory $(DRAM)$ and NAND flash memory. In fact, the combined revenue of the top five publicly listed NAND flash-memory brands rose 77% in the second quarter from the previous quarter, to $68.87 billion, according to research firm Trendforce in data published Wednesday.

Micron's market share in NAND flash by revenue rose to 15.1% in the second quarter from 13.9% in the first quarter, according to Trendforce. That meant it overtook Japan's Kioxia to take third place by revenue, behind Samsung Electronics and SK Hynix.

"Micron...benefited from a significant increase in ASPs [average selling prices], with NAND Flash revenue reaching $11.85 billion, up 99.2% QoQ-the highest growth rate among the top five brands," Trendforce analysts wrote.

Micron makes roughly a quarter of its revenue from NAND flash memory, with the rest coming from DRAM and high-bandwidth memory.