Micron's earnings were so good, and so many analysts raised their target prices,

yet the price dropped 10%???? Let's analyze it. There are three reasons.

The first is the antitrust lawsuit.
On June 25, someone in the U.S. filed a class action lawsuit in California federal court against Samsung, SK Hynix, and Micron, accusing the three companies of colluding to limit DRAM production capacity and drive up prices. Over the past four years, DRAM prices have risen by 700%.
The three companies together account for 90% of the global DRAM market. The lawsuit is currently only in the filing stage, far from a verdict, but it directly undermined market confidence in the pricing power of memory chips.

The second is the Korean leveraged ETF bubble.
At the end of May, South Korea approved 16 2x leveraged ETFs tracking Samsung and SK Hynix, and retail investors rushed in.
The head of the Financial Supervisory Service publicly said he regretted not preventing the launch of these ETFs. When regulators started issuing warnings, leveraged funds stampeded out, directly crashing Samsung and SK Hynix, dragging Micron down with them.

The third is the simplest — it had risen too much. Micron has gone up so many times over the past year. No matter how good the fundamentals are, the profit-taking pressure is enormous. At the Q3 opening, funds rebalanced, and memory took the biggest hit.