MU is trading at $387.30 (-6.15%) as markets open sharply lower following the closure of the Strait of Hormuz and escalating Iran-Israel tensions.
- The broader market is under significant pressure, with the S&P 500 and Nasdaq both falling over 2% as rising oil prices and geopolitical instability trigger a global risk-off sentiment.
- The decline appears driven by macro factors rather than company-specific news, contrasting with recent bullish coverage from Stifel ($550) and UBS ($475) regarding AI-driven demand.