With a $63.36 billion market cap, Micron Technology, Inc. (MU) designs, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit; Mobile Business Unit; Storage Business Unit; and Embedded Business Unit.
Semiconductor stocks have been underperforming the broader market lately due to slowing chip demand, especially for data centers and the smartphone market, amid a sharp decline in consumer spending due to sky-high inflation and interest rate hikes. The pullback in chip stocks is evident from the iShares Semiconductor ETF’s (SOXX) 32.1% year-to-date decline.
