Micron is trading at -5.08% now at $415.54, experiencing profit-taking and hedging activity following a dramatic 114% rally since November lows, aligning with broader tech sector underperformance.
- The stock's valuation has stretched well above analyst price targets, triggering the current selloff after hitting a high of $437.80 on February 2.
- The decline aligns with broader tech sector weakness, driven by AI concerns and investor rotation toward defensive stocks.
- Despite the selloff, the company expects "substantial new records" in Q2, with results due March 25.