Is Micron Stock a Sell After This Weekend's Negative AI News?
Many investors chose to bail on the hardware maker's shares on Monday.
Overview
Hardly for the first time recently, the artificial intelligence (AI) industry poured cold water on Micron Technology (NASDAQ: MU) stock Monday. Investors traded out of it following news that ChatGPT developer OpenAI is hitting the pause button on training several of its AI models.
Since Micron, which specializes in crucial hardware (specifically memory and storage) necessary to fuel the current build-out of AI compute, it's vulnerable to such developments. So perhaps the Monday sell-off is a portent of further stock price declines to come.
Details
A significant, largely AI-fueled run-up in Micron's share price -- which has more than tripled year-to-date -- has put it at vertigo-inducing levels. As such, even a minor indication that the AI revolution is slowing leaves it exposed to bursts of bearishness.
Source
Originally published at www.fool.com.