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Micron Stock Sees Significant Drop Amid Market Volatility
Micron Technology (NASDAQ: MU) experienced a 16% decline in its stock price this week, coinciding with a broader market downturn where the S&P 500 and Nasdaq Composite dropped by 2% and 2.7%, respectively. Investors reduced their exposure to growth-dependent AI stocks, despite a positive price target revision from UBS, which increased its forecast for Micron from $245 to $275 per share, citing strong demand for high-bandwidth-memory solutions.
The pullback occurred shortly after Nvidia announced better-than-expected third-quarter results, which initially led to gains for Micron. However, bearish sentiment resurfaced in trading, reflecting ongoing debates around potential overvaluation in AI stocks and fears regarding future interest rate adjustments by the Federal Reserve.
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