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A 30% drop doesn't automatically create a buying opportunity. Sometimes it just creates hope. That's the question everyone is asking after Micron's brutal selloff: Is this the bottom... or just halfway down the mountain? Since its June peak, Micron has lost more than 30% of its value, erasing hundreds of billions in market cap. At the same time, the Philadelphia Semiconductor Index has officially entered a technical bear market. The debate couldn't be more divided. The bulls see a massive overreaction. The business is still firing on all cylinders. Revenue continues to surge, margins remain exceptional, HBM demand is fully booked, long-term contracts provide strong visibility, and Wall Street price targets still point well above current levels. On valuation alone, Micron looks far cheaper than it did just weeks ago. The bears see something different. They argue the problem isn't the business—it's expectations. After an enormous AI-driven rally, investors no longer care about "great." They want "better than impossible." The moment growth starts looking less explosive, the market reprices fast. Add rising capital spending, growing competition from China's memory industry, ongoing leverage unwinds, and insider selling, and it's easy to see why investors remain cautious. My view? I don't think we've seen the final bottom yet. Not because Micron is a bad company. Because the market is still resetting expectations. Here's what I'm watching before becoming more constructive: • Leveraged positions in the semiconductor space fully unwind. • Memory pricing expectations stabilize. • The market fully digests China's expanding DRAM capacity and its long-term impact. Until then, every sharp bounce could simply be another relief rally inside a broader correction. Micron may still be one of the strongest long-term AI stories. But strong companies don't always make strong trades in the short term. Sometimes the hardest part isn't finding a great company. It's buying it at the right time. #DailyOrbit