Micron stock slumps as China launches cybersecurity review, but company says it stands by its product security
A spokesperson for Micron Technology Inc. (MU) said that the company is aware that the Cyberspace Administration of China has announced its intent to pursue a cybersecurity review of the products Micron sells in China. "We are in communication with the CAC and are cooperating fully," the spokesperson said. "Micron is committed to conducting all business with uncompromising integrity, and we stand by the security of our products and our commitments to customers." Shares of Micron were down 3.8% late in Friday's regular session and one of the weakest performers in the S&P 500 on the day. Mizuho analyst Vijay Rakesh wrote earlier in the day that he recommended investors "buy the pullback" since "China has few options as significant comprehensive equipment and technology restrictions have impaired capacity ramps and technology road maps" at domestic players.
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March 31, 2023 15:47 ET (19:47 GMT)
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