Micron Technology's stock fell sharply by 5.83% during Friday's intraday trading session, mirroring a broader decline in chip stocks. The drop was triggered by investor concerns following Broadcom's earnings report, which highlighted potential margin pressures due to higher AI revenue mix.
Broadcom's CFO warned that first-quarter gross margins could decline by approximately 100 basis points, primarily due to the higher proportion of AI-related revenue. This announcement spooked the semiconductor sector, leading to sell-offs in major chip stocks, including Micron.
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