Shares of Micron Technology (NASDAQ: MU) have been falling recently.
Entering trading on Thursday, the stock’s valuation remained just above $1 trillion in market cap, but its price was just under $900, down 18% from its 52-week high of just over $1,089
The stock, however, is still sitting on some mammoth gains, with 12-month returns north of 680%. Is this slowdown a good opportunity to buy Micron’s stock as it takes a breather, or could it be the beginning of a much larger sell-off? Why has Micron’s stock fallen suddenly?
There’s been softness in the tech sector this week, and Micron’s decline isn’t due to the company’s own performance. Micron didn’t announce anything significant recently, and its latest earnings results won’t be released for a couple of weeks. Instead, its recent dip may be more closely tied to broader concerns in the tech sector about rising valuations.