Structural Risks to Micron Stock: Pricing, Earnings, Match Act, iHBM

Bear case outlines four concrete risks: Q3 pricing may not sustain, June 24 earnings catalyst, Match Act restrictions on CXMT, and iHBM competition. These provide a disciplined counterbalance to the $1T euphoria and LTA narrative, helping investors stay grounded. CXMT's rapid share gain (700% YoY to 8%) adds competitive pressure. New data: Jenny Harrington questions Micron's visibility on CNBC; capacity overshoot risk in 2027-2028 adds to bear case.