TradingKey – On November 5 ET, Micron (MU) shares tumbled, closing down 17.46% at around $656.39 after touching an intraday low of $650, marking a nearly six-month low. Trading volume surged to approximately 75 million shares, more than double its recent average. Since hitting $990 on October 28, Micron has pulled back more than 30% cumulatively and sequentially broken below multiple key moving averages, further expanding its short-term correction.

Micron’s sharp drop yesterday was primarily driven by broad-based weakness across the AI and semiconductor sectors. Following the U.S. midterm elections, the market began focusing on potential tightening of approvals, as well as power and water restrictions, on data center construction in…