MU - Is Now the Time to Buy Micron Technology Stock?
2024-07-06 11:00:00 ET
The artificial intelligence (AI) market has exploded over the past year, and among the businesses benefiting from this growth is Micron Technology (NASDAQ: MU) . The company's sales are soaring because AI systems require lots of computer memory and storage, exactly the products Micron specializes in.
This led to an amazing run-up in the company's share price. Last July, Micron stock was at a 52-week low of $60.50. Fast-forward a year, and shares more than doubled to hit a high of $157.54 in June.
But after announcing results for its fiscal third quarter, ended May 30, Micron's stock price plunged. Does this create an opening to buy shares, or does the price drop suggest a reason to avoid investing in Micron?
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Is Now the Time to Buy Micron Technology Stock?