Micron Technology, Inc. MU shares are trading higher by 4.8% to $53.85 Tuesday afternoon. The stock may be rebounding following recent weakness in semiconductor and chip names after the US announced export restrictions to China.
What Happened?
Shares in top Chinese chipmakers shed $7.7 billion in market value on October 10, as new U.S export controls restricted the sale of semiconductors made with U.S. technology unless vendors obtain an export license.
The controls also barred U.S. citizens or entities from working with Chinese chipmakers without explicit approval and limited the export of manufacturing tools that would allow China to develop...Read More
See Also: PC Shipments See Record Plunge In Q3 — What That Means For Apple, AMD, Intel And Others
According to data from Benzinga Pro, Micron has a 52-week high of $98.45 and a 52-week low of $48.45.
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