Micron stock dips 38 percent, is it time to buy?

Micron Technology (MU) stock reached a 52-week high of $157.54 on June 18, 2024. As of November 27, 2024, it trades at $97.35, marking a decline of approximately 38.2% from its peak. This decline may present an opportunity for investors to "buy the dip," especially as the stock remains within a long-term upward trend. Current support levels are identified in the $85 to $96 range, where the stock has previously surpassed historical peaks, suggesting potential resilience in this zone​.
Micron Technology's growth potential is driven by increasing demand for DRAM and NAND memory across sectors like AI, data centers, and 5G smartphones, with projected annual growth rates exceeding 30% in some areas. Automotive advancements, including electric and autonomous vehicles, and the expansion of IoT applications further fuel the need for high-capacity, low-latency memory. Micron’s leadership in cutting-edge memory technologies, investments in R&D, and strategic positioning in high-growth markets like cloud computing and AI solidify its potential. Additionally, the rising memory content in devices and the global shift toward digital transformation bolster its prospect.