Micron Technology Inc. (NASDAQ:MU) stock traded flat in Tuesday’s premarket session as investors paused following the stock’s extended rally. The stock remains in a strong long-term uptrend.Nasdaq futures were up less than 0.5%, while S&P 500 futures gained 0.09%.AI Demand Keeps Micron In FocusMicron remained in focus as investors assessed the long-term outlook for AI memory demand, Chinese competition and valuation.Chinese memory suppliers do not appear to pose an immediate threat to Micron, even as Apple Inc. (NASDAQ:AAPL) is reportedly seeking access to Chinese DRAM suppliers. According to a CNBC report Tuesday, Chinese memory maker CXMT said in its IPO prospectus that its production capacity remains well below domestic demand, limiting its ability to supply Apple or materially reduce memory costs.Instead, Micron’s growth story continues to center on high-bandwidth memory (HBM) used in NVIDIA Corp. (NASDAQ:NVDA) AI systems and the broader buildout of AI infrastructure. The company has also benefited from stronger pricing, with gross margins recovering to more than 80% after posting losses on memory chips three years ago. Analysts have also pointed to long-term supply agreements that could account for about half of Micron’s revenue by 2030 at pricing floors above previous cycle peaks.Luria said that disconnect creates a significant valuation gap. He added that Micron could be worth roughly four times more if AI spending remains strong through the end of the decade. He also noted that the stock trades at about eight to nine times earnings, well below the 40 to 50 times multiples assigned to many CPU-related companies, despite memory becoming increasingly important and facing less competitive pressure.Micron Technical AnalysisMicron remains above all of its major moving averages, underscoring the strength of its longer-term trend. However, momentum has begun to cool.The stock is trading about 9.8% above its 20-day simple moving average of $1,044.12 and roughly 166% above its 200-day moving average of $430.86. Such a wide gap can leave shares vulnerable to short-term pullbacks even if the broader trend remains intact.The moving average convergence divergence (MACD) indicator has slipped below its signal line, while the histogram has turned negative. That suggests bullish momentum is fading, although the stock has not yet broken its overall uptrend.The moving-average setup remains constructive, with the 20-day average above the 50-day average and the 50-day average above the 200-day average. Traders will likely watch whether Micron can hold support near the 20-day moving average or whether a deeper pullback develops.The key upside level remains the 52-week high of $1,255. Support sits near the 20-day moving average at $1,044.12, while April’s swing low remains the next major reference point if selling pressure accelerates.Micron Analyst OutlookThe stock carries a consensus Buy rating with an average price forecast of $1,542.05. Recent analyst actions include: