Micron’s stock tumbled five percent as China’s new DRAM giant CXMT stormed the market with a $9 billion IPO—Apple’s already eyeing them for iPhone chips. With global chip shortages driving prices up, CXMT’s massive cash infusion and ramping production threaten Micron’s profits and market share, while also likely cooling chip prices. Investors are watching closely as Micron faces a double whammy: losing ground and battling falling margins.
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