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On Monday, shares of chip maker Micron Technology (MU) slumped 6.3% to $87.08, their lowest level since December.
Micron wasn't alone. Stocks slumped badly as investors tried to deal with President Trump's big campaign to boost tariffs on imports and signs of global economic weakening.
The week in total was basically crummy except for a sharp rally on Friday. The Standard & Poor's 500 and Nasdaq Composite indexes suffered their fourth straight weekly losses. The Dow Jones industrials fell for the third week in four.
Some $5 trillion in shareholder wealth has disappeared in the stock-market selloff.
All three indexes are down for the year, and some stocks, especially Tesla (TSLA) , have absorbed brutal losses. Tesla has fallen 38% this year.
Related: Does Friday's big rally mean the worst is over?
The slump was not one that investors generally and Wall Street in particular expected.
The immediate catalyst has been the market reaction to President Trump's tariff proposals and government layoffs. And the reaction is due as much to shock Trump is serious about tariffs, which goes against global trade policy since the 1950s.
But many companies, especially consumer-facing companies, had been warning for at least a quarter that customers are worried about the economy overall and have spending with more discipline than before.
A potential exception to conventional wisdom
But not Micron. Its shares jumped 15.7% on the week, including a 6.2% gain on Friday alone.
It's up nearly 20% for the year and up 20.6% from its 52-week low of $83.54, reached on Dec. 20.
And the earnings and revenue estimates for its fiscal second quarter, due after Thursday's close, are bullish.
Micron is one of the three largest makers of DRAM memory chips used by companies ranging from Nvidia (NVDA) , Microsoft (MSFT) , Apple (AAPL) and Dell (DELL) . Nvidia is using Micron's chips in its Blackwell family of graphic processing units and may well be Micron's biggest customer.
Based in Boise, Idaho, Micron has 48,000 employees in the Americas, Asia and Europe.
If the company is showing strength, maybe tech is more resilient than investors have thought. And maybe stocks then can bask in Micron's halo.
Investors will get a better idea when the earnings come out.
The flip side of the question: Micron is, in fact, a very volatile stock. It has had 24 separate sessions in the last year where the shares were up or down 5% or more, according to StockStory.org.