The biggest cloud companies are pulling back on server procurement in 2023, creating a massive headache for component suppliers.
Shares of Micron Technology (NASDAQ: MU) were down as much as 5% on Tuesday before rebounding slightly to a 3.1% decline as of 10:48 AM EDT. While Micron's stock is known to be volatile, today's move was especially notable, as most of the technology sector was up for the day. The reason behind the decline isn't hard to figure out; last night, Korean rival Samsung (OTC: SSNL.F) released its fourth-quarter earnings.
(Bloomberg) -- This time was supposed to be different.Most Read from Bloomberg8,000 Layoffs Don’t Exactly Scream Family ValuesNational Archives Releases Records Tied to Trump Classified DocumentsPutin’s War in Ukraine Pushes Ex-Soviet States Toward New AlliesSony Slashes PlayStation VR2 Headset Output After Pre-Orders DisappointMicrosoft Studio Behind Halo Faces a Reboot on Years of TurmoilThe memory-chip sector, famous for its boom-and-bust cycles, had changed its ways. A combination of more di