Micron Technology's stock fell over 20% in July, dropping from $1,032 to $823, causing a $1,000 investment to lose about $203. This decline followed a historic rally fueled by strong AI demand and record fiscal Q3 results, including a 346% revenue increase and an 84.6% gross margin. Despite the recent sell-off due to profit-taking and sector volatility, Micron's fundamentals remain robust with fiscal Q4 revenue guidance of $50 billion and strong demand for AI memory products. The company has secured significant customer agreements, providing strong earnings visibility, and Wall Street remains optimistic about its long-term prospects.