China’s Real Estate Market Crash Can Affect These 5 American Stocks

3. Micron Technology (NASDAQ:MU)

Number of Hedge Fund Holders: 78     

Micron Technology (NASDAQ:MU) makes and sells memory and storage products. The firm is yet another chipmaker that has deep links with the Chinese economy. The firm generates nearly 55% of revenue from sales to Chinese companies. In comparison, revenue from American firms forms only a fraction of this amount. In contrast to Qualcomm, the bulk of Micron contacts in China relate to computer data storage solutions such as USB flash drives and NAND flash memory, in addition to smartphone products. 

On August 10, Deutsche Bank analyst Sidney Ho maintained a Buy rating on Micron Technology (NASDAQ:MU) stock and lowered the price target to $68 from $70, noting that the shares of the firm were close to a trough. 

At the end of the first quarter of 2022, 78 hedge funds in the database of Insider Monkey held stakes worth $3.4 billion in Micron Technology (NASDAQ:MU), compared to 83 in the preceding quarter worth $5.5 billion.