Jim Cramer’s Bearish Calls: 10 Tech Stocks Heading for a Crash

3. Micron Technology Inc. (NASDAQ:MU)

Number of Hedge Fund Holders In Q3 2024: 107

Date of Cramer’s Comments: 08-22-24

Performance Since Then: -14.37%

Micron Technology Inc. (NASDAQ:MU) is one of the three major memory chip manufacturers in the world. It is also the only American firm of its kind. Consequently, the semiconductor firm enjoys wide exposure to the AI industry as its HBM3e products are among the few that can be used in AI GPUs. However, Micron Technology Inc. (NASDAQ:MU)’s scale also means that the broader non-AI consumer and enterprise computing market has to perform for its shares to do well. The stock is up by a modest 8.4% year-to-date as it has been hurt in particular by a slowdown in the personal computing market. Back in August, Cramer had predicted that Micron Technology Inc. (NASDAQ:MU)’s stock could fall to $98:

“So, Micron Technology (MU) saw a steep decline, but after the company announced their buyback program, the stock stabilized around $92 before rebounding. It has recently come back down, and I think it could drop to around $98 or $99. At that point, I would consider buying more.”