Should You Buy Micron Technology Stock While It's Below $1,000? The Answer Might Surprise You.
The artificial intelligence trade just hit some turbulence, and chip stocks are plunging.
Overview
When the artificial intelligence (AI) boom started gathering momentum in early 2023, Micron Technology (NASDAQ: MU) stock was trading at around $50. Last month, it peaked at $1,213, representing a staggering 2,070% gain over the past three and a half years.
Micron's high-bandwidth memory (HBM) for the data center is a critical component in the AI hardware stack, and demand currently exceeds supply, which is driving explosive growth in the company's revenue and earnings. However, recent reports suggest some businesses are curbing their AI software spending, which could affect future demand for chips and other hardware components.
Details
As a result, Micron stock has plummeted by 30% from its recent high and closed at $848 on Friday, July 17. Should investors buy it while it's trading under $1,000? Read on for the surprising answer.
Source
Originally published at www.fool.com.