Micron just passed Meta in market cap for the first time and that’s worth highlighting for a couple reasons.
The main one is that Meta is a huge buyer of memory chips from Micron and its competitors
This isn’t looking like a win-win. Micron is absolutely gouging Meta and others on pricing as it sells the exact same thing it sold last year but for 4x the price. There’s nothing wrong with that but Meta is one of the buyers and suddenly, the market doesn’t like all the spending it’s doing.
Shares of Meta are down 2.6% today and threatening the Hormuz lows. Shares are down 18% this year and 31% since August. That month is perhaps not coincidentally the month that Micron took off.