DRAM and NAND are two varieties of flash memory that together make up 96% of Micron's sales and spread across industries, acting as a building block of much of the technology we use on a daily basis.
"We're just going through an air pocket here related to primarily inventory adjustments as well as some seasonal, weak mobile demand, including mobile demand on the high-end smartphones that is impacting some of our near-term visibility as well as the near-term outlook," CEO Sanjay Mehrotra explained to analysts on Tuesday evening.
Morgan Stanley analyst Craig Hettenbach had previously told Real Money that the slowdown is much more than an air pocket and is likely to be one of the worst in recent memory (pun intended).
"As we think about 2019 for memory, we would expect substantially more contraction than we saw in the 2015/16 period," he said. "For one thing, both commodities are in clear oversupply, with material under-shipment relative to product in evidence for both."
Shares of the Boise-based semiconductor stalwart nearly 9% shortly before the market open as analysts rein in targets and the market flees the falling stock.
Contemporaries like Applied Materials (AMAT) - Get Report and Lam Research (LRCX) - Get Report are falling fast alongside Micron, as the memory forecast brings fears of a major cyclical slowdown to the forefront for semiconductor stocks.
For more on the semiconductor market, the trade war's effects on semis and technology, options plays, where Micron's bottom may be, and mitigation strategies in the market will be covered all day on Real Money.
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