Why Micron Stock Is Under Pressure Today

Micron stock declined despite broader market gains, falling as much as 6.4% at market open before recovering somewhat. Investor concerns center on Chinese competitor ChangXin Memory Technologies (CXMT) planning to open another memory chip factory in Beijing, which could flood the market with cheaper chips and erode Micron's pricing power. However, Micron's long-term supply contracts with major tech companies and attractive valuation at 11x forward earnings provide some support.