Micron is diversifying its demand story, right when the market is questioning the original one. $MU announced agreements with automotive manufacturers for memory chips this week. The modern car is a data center on wheels, ADAS, infotainment, autonomous systems all devour memory at scale. This opens a second demand vector beyond AI data centers, at a moment when the HBM cycle is showing signs of fatigue at the top. The timing is telling: $MU has fallen -33% from its $1,200 ATH to $848 today. Volume at 63M shares, institutional distribution, not retail panic. The automotive deal is real, but it doesn't fix a momentum problem in the near term. $818 is the critical floor right now, the breakout base from the original AI-driven rally. Hold it and the automotive thesis gives the stock a fundamental reason to stabilize. Lose it on a daily close and $657 is the next real support, a -18% drop from here. The question isn't whether automotive memory demand is real. It is. The question is whether it's enough to absorb the selling pressure from a stock that ran +300% in months. New demand vector or a distraction from a broken chart, does $818 hold? 👇
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