Elon Musk backs Micron's pricing restraint amid stock slide

Micron stock closed at $953.19 on Tuesday, down 3.62% for the day, losing 11.54% over five sessions. Elon Musk stated Micron kept future memory prices reasonable while rivals charged "extortionate" rates. JPMorgan analysts noted that Micron has 26 long-term customer deals covering over 35% of revenue through 2030, a contracted backlog of $150 billion, and over 75% of next year’s output reserved, with $32 billion in committed customer cash.