Micron fell 11% today.
On the same day, Bank of America raised its price target by 58% to $1,500.
The Nasdaq was down 2.21%. The KOSPI in Seoul plunged 10%. The entire semiconductor sector got hit.
Tomorrow, Micron reports its Q3 earnings. Analysts are expecting $35.3 billion in revenue. Options are pricing in a 14% move.
One BofA note sent the Nasdaq down. Another BofA note said to buy the dip.
Which desk is right will determine where the AI trade goes from here.
$Micron Technology(MU)$ $NVIDIA(NVDA)$ $VanEck Semiconductor ETF(SMH)$ $Invesco QQQ(QQQ)$ $SPDR S&P 500 ETF Trust(SPY)$
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