The stock of memory chip manufacturer Micron Technology has come under significant pressure in recent months. Since reaching an all-time high three months ago, the stock price has fallen by 41 percent – a much more significant drop than many other chip manufacturers, who are also affected by the cooling market enthusiasm around Artificial Intelligence (AI). Despite the high demand for chips for AI systems, a large portion of Micron's business remains dependent on mature markets like PCs and smartphones, whose growth is rather limited.

Here's the translated heading in English:

"In June, Micron was still able to impress with strong quarterly figures and a 12-month share price gain of 118 percent – only Nvidia performed better in the PHLX Semiconductor Index. However, the inventory of DRAM memory built up by PC and smartphone manufacturers in the first half of the year, in anticipation of rising prices, is now weighing on price developments. At the same time, sales of PCs and smartphones have weakened in the second half of the year.

While the demand for high-bandwidth memory (HBM) used in AI systems remains stable, some analysts fear potential overproduction. Brian Chin of Stifel recently stated that concerns about an oversupply were unconfirmed but also emphasized that sales of consumer electronics, which constitute a large portion of the demand for memory chips, were falling short of expectations.

The heading translated to English is:

"For the fourth fiscal quarter results of Micron expected on Wednesday, Wall Street forecasts a revenue increase of 90 percent to $7.6 billion. The adjusted operating profit is expected to be just under $1.6 billion, which is the highest value in two years. Nevertheless, estimates indicate that the price rise for DRAM memory could slow down. Analysts expect the average selling price per gigabyte of DRAM to increase by only 9.1 percent in the August quarter – a significant decrease from the 22.2 percent increase in the previous quarter.

Despite the current weakness, the mood on Wall Street remains optimistic. 90 percent of analysts continue to rate Micron stock as a buy. UBS analyst Tim Arcuri is confident that the decline in DRAM prices is temporary and expects PC and smartphone manufacturers to return to the market in force by 2025, driven by increasing memory demands for Edge AI applications. Mehdi Hosseini from Susquehanna also views the current phase as a "mid-cycle correction" within a longer upward cycle.

Here's the translation of the heading to English:

"Although Micron only gives forecasts one quarter in advance, analysts expect that the situation might stabilize only next year. Chris Danely from Citigroup wrote in a recent analysis that the stock could remain weak until DRAM prices reverse, which should happen within three to six months.