All it took was just a single earnings call from the semiconductor giant Broadcom to tank other stocks in the same segment. Broadcom reported its Q2 earnings on Thursday and beat all market expectations, as its AI chip sales rose by 143%. While it raised guidance, investors wanted an even more aggressive approach, and this led to the bloodbath of Broadcom stock (NASDAQ: AVGO), which crashed 12.60%. Mircon Technologies (NASDAQ: MU), which had nothing to do with this, except being in the same industry, saw its stock plunge 7.80%.

Micron stock had just surged above the $1,000 level, touching a yearly high of $1,089. The stage was set for a bigger rally, until Broadcom’s earnings call came in the way and spoiled the party. The sky-high expectations from Wall Street punished the semiconductor industry, with several stocks crashing by double-digit percentages. MU opened Friday’s trading session at $996 and is now below the $1,000 mark. Wall Street commentators claim that this could be the last chance for traders to accumulate below $1,000.

Also Read: Will Micron Stock Continue to Rise? Price Targets Can’t Keep Up

Will Micron Stock No Longer Be Available Below $1,000?

The recent pullback in Micron stock’s price has less to do with its financials and more to do with AI fatigue and expectations. This is the same case with Nvidia, where even after robust earnings, the stock tanks on the earnings call. Institutional funds know that Micron Technologies has locked in multi-year contracts worth billions of dollars. This moat will keep the company above the $1,000 range in the coming months. Smart money is not too worried about a downturn and remains in MU for the long term.

Also Read: If Micron Reached Nvidia’s Market Cap, MU Stock Will Reach This

This is a Broadcom-driven crash, and Micron Technologies’ fundamentals remain intact. It had no big news lined up on Thursday and was a normal trading day. MU and other semiconductor stocks were caught in the collateral damage of Broadcom, and the fall was not of their own making. In conclusion, this could very well be the last entry point below $1,000 in Micron stock for retail investors.