Micron Technology (NASDAQ: MU) closed above $1,000 for the first time since 2021. Management forecasts fourth-quarter revenue to approach $50 billion. Projected gross margins sit near 86% due to demand for HBM4 and AI-related DRAM.
Reports indicate the White House is discouraging U.S. tech firms from using Chinese memory suppliers. This geopolitical shift directly benefits Micron’s market position.
The stock faced volatility with a 6% pre-market drop on Tuesday following Monday's 4.1% rally. David Tepper’s Appaloosa Management reduced its stake in the company by 41%. Investors are currently taking profits across the high-growth AI sector.