MU fell over 1.9% in pre-market trading.

Faber Bank's securities division Exceene downgraded Micron Technology's rating from 'Outperform' to 'Underperform' and set a target stock price of $67.

In addition, Mike Wilson, the US stock chief strategist of Morgan Stanley, pointed out that the AI boom at the beginning of the year has gradually faded as the S&P500 index hit record highs. Therefore, a new catalyst is needed for the resumption of the uptrend in US stocks.

Wilson believes that while AI will fundamentally transform productivity in the long run, the market's exaggerated publicity of the overall AI theme has gone too far, reflected not only in the fluctuation of AI-focused NVIDIA but also in the recent chip stock movements.