Micron stock is down roughly 22% in July after Chinese rival CXMT's explosive IPO debut, threatening its worst monthly drop in over 11 years.

Micron stock has pulled back in the past few weeks and moved into a bear market as analysts remain optimistic about the company

CXMT is China’s biggest memory chipmaker and its debut comes amid an AI-driven demand boom that has boosted the stock price of its rivals Micron, Samsung and SK Hynix.