Micron Technology (MU) Fell on Investors’ Concerns
Baird Asset Management controlled Chautauqua Capital Management, a boutique investment firm, released the “Baird Chautauqua International and Global Growth Fund” third quarter 2024 investor letter. A copy of the letter can be downloaded here. The third quarter saw a significant rally in global equities markets, driven by robust stock performance from the U.S., international developed, and emerging markets. The Baird Chautauqua International Growth Fund Net Investor Class returned +9.46% in the third quarter, outperforming the MSCI ACWI ex-U.S. Index® ND, which returned +8.06%. The Baird Chautauqua Global Growth Fund Net Investor Class returned +5.25% compared to a +6.61% return for the MSCI ACWI Index® ND. In addition, please check the fund’s top five holdings to know its best picks in 2024.
Baird Chautauqua International and Global Growth Fund highlighted stocks like Micron Technology, Inc. (NASDAQ:MU), in the third quarter 2024 investor letter. Micron Technology, Inc. (NASDAQ:MU) designs, develops, manufactures, and sells memory and storage products globally. The one-month return of Micron Technology, Inc. (NASDAQ:MU) was 16.62%, and its shares gained 45.81% of their value over the last 52 weeks. On October 9, 2024, Micron Technology, Inc. (NASDAQ:MU) stock closed at $101.70 per share with a market capitalization of $112.759 billion.
Baird Chautauqua International and Global Growth Fund stated the following regarding Micron Technology, Inc. (NASDAQ:MU) in its Q3 2024 investor letter:
"After Micron Technology, Inc.'s (NASDAQ:MU) price appreciated 54% in 1H24, investors became anxious about potential memory weakness, less clear cyclical recovery pace, and whether competitor Samsung will act rationally with capacity expansion. We maintain our long-term positive view on the industry’s demand/supply situation. We believe Micron is well positioned in technology capability, and that its margins will continue to improve."
A close-up view of a computer motherboard with integrated semiconductor chips.
Micron Technology, Inc. (NASDAQ:MU) is in 16th position on our list of 31 Most Popular Stocks Among Hedge Funds. As per our database, 120 hedge fund portfolios held Micron Technology, Inc. (NASDAQ:MU) at the end of the second quarter which was 115 in the previous quarter. While we acknowledge the potential of Micron Technology, Inc. (NASDAQ:MU) as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns, and doing so within a shorter timeframe. If you are looking for an AI stock that is as promising as NVIDIA but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.
In another article, we discussed Micron Technology, Inc. (NASDAQ:MU) and shared the list of most undervalued growth stocks to buy according to Wall Street analysts. In addition, please check out our hedge fund investor letters Q3 2024 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.