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Micron stock dips after Apple CFO predicts memory prices will turn around this year

Micron Technology Inc. MU, +1.76% shares declined slightly in after-hours trading Tuesday, directly after Apple Inc.'s AAPL, +2.32% chief monetary officer stated that he expects reminiscence costs to fall soon. "On the memory front, we feel that for NAND we're going to be turning the corner very soon. For DRAM, we also think that we are near the peak, possibly at the end of this year," Apple CFO Luca Maestri stated on the iPhone manufacturer's profits name Tuesday afternoon. Micron's inventory has been one of the very best performers in tech for greater than a yr, as demand for reminiscence for cloud information facilities has squeezed supply and greater costs. Micron believes that it is a new demand atmosphere as a substitute of a momentary cycle, however others imagine that demand and provide may find a higher balance and bring down the top costs that experience squeezed hardware makers and shoppers. Micron shares, fell from a zero.three% gain in after-hours trading to declines of up to 0.6% in late trading. The inventory has received 65.four% previously yr because the S&P 500 index SPX, +0.25% has received 10.nine%.