Why Micron Stock Dropped Today
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Micron's stock dropped 3.1% amid concerns over falling demand and prices for computer memory chips, echoed by Taiwan Semiconductor Manufacturing's (TSMC) cautious Q3 guidance. TSMC reported strong Q2 results but warned of slowing sales and declining profit margins. Micron's financials show a significant disparity between its earnings and free cash flow, raising concerns about its high price-to-free cash flow ratio of 66.5, especially in a declining market.
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