Micron Technology stock has fallen over 40% from its June peak to around $690, driven by concerns about slower data center buildouts following midterm elections. Despite the decline, the author maintains a buy recommendation, noting that earnings continue to rise with fiscal Q1 2027 expected earnings of $37.84 per share (roughly half of fiscal 2026's total). The company has $150 billion in contracted future sales at minimum prices through multiyear customer agreements, providing downside protection even if memory prices fall.