Micron Technology's (NASDAQ: MU) 2024 stock market rally came to a screeching halt last week after the company released fiscal 2024 third-quarter results (for the three months ended May 30). The memory specialist's outlook didn't exceed Wall Street's expectations by a big enough margin, and the stock fell almost 8% just after its release.

Micron's share prices were up nearly 67% in 2024 before its results came out, and the company headed into this latest report with high expectations thanks to the booming demand for its artificial intelligence (AI) chips. Those elevated expectations help explain why everyone was looking for a bigger beat than what Micron delivered.

Let's take a closer look at Micron's quarterly report and see if the pullback is an overreaction.

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Source Fool.com