Micron Stock Has Lost Over 40% Since Its June Record. I'd Still Buy It.

MU has shed more than 40% from its June record and trades near $690, as worries about slower data center buildouts after the midterm elections weigh on the stock.

The selloff hasn't dented the earnings trajectory. Fiscal Q1 2027 earnings are expected at $37.84 per share, roughly half of fiscal 2026's full-year total. That pace of quarterly profit growth sits at odds with the price action, and the author keeps a buy recommendation on that gap.

The sharpest support for the bull case is contracted revenue. Micron holds $150 billion in future sales locked in through multiyear customer agreements with minimum prices. Interpretation: those floors limit how far earnings can fall if memory prices weaken, which addresses the central fear behind the drawdown. The concern driving the decline is demand timing from data center buildouts, not a reported earnings miss.

The setup pits a 40%-plus price decline against rising estimates and a $150 billion contracted backlog. Whether the market rewards the earnings power or keeps pricing in a slower buildout is the open question.