For weeks, the AI memory trade has been the most crowded ride on Wall Street. Micron Technology Inc. (NASDAQ:MU) rode it from $300 in late March to an all-time high of $818.67 on May 11, a 100% gain in six weeks that left the stock 170% above its 200-day moving average.
That ride hit a wall.
Something went wrong.
After Friday’s 6.6% drop, Micron fell another 6% Monday, extending its 2-day decline to near 13%.
That is the worst 2-day stretch since the Liberation Day shock in April 2025.
