2 Reasons It's Time to Buy Micron Stock
Share prices of Micron Technology (NASDAQ: MU) are up 22% over the last five years, down 40% from their all-time high in early 2022, and up 26% in 2023. Along that timeframe, it's been a volatile couple of years, but these swings go with the territory in the memory chip market.
Micron is dealing with the worst industry downturn in 13 years. Management forecasts the next quarter's revenue total will fall 58% year over year. But that doesn't mean long-term investors should avoid the stock. Despite a cyclical industry, Micron has delivered a 543% return over the last decade, more than doubling the return of the S&P 500 index.
Micron is benefiting from long-term tailwinds in rising demand for memory and storage chips, and the increasing adoption of artificial intelligence (AI) to train natural language models and recommendation systems could accelerate demand over the next decade.
Source Fool.com
