This looks more like a positioning unwind than a broken thesis, but the risk is timing.

For Micron Technology, the bull case remains intact: HBM demand, AI servers, and tight supply. But the market is now questioning how long excess margins last once Samsung and SK Hynix scale.

Key point: memory is still cyclical, even in an AI cycle.

Near term:

A clean hold above ~$680 suggests this is a shakeout → tradable bounce

A decisive break opens ~$650 as the next liquidity pocket

What has changed is expectations:

Before: sustained supercycle

Now: strong, but potentially shorter peak window

I would not rush in. Better approach:

Start small near support

Add only if price stabilises or NVDA confirms demand strength

If NVDA disappoints, MU likely overshoots down. That is where the real opportunity may be.