Micron Technology, Inc. (MU)’s Shares Jump Following Underwhelming Acquisition Offer From Chinese Firm

In terms of long-term valuation, Micron Technology has the support of hedge fund investors such as David Einhorn, manager of Greenlight Capital, who expressed his strong views and support for the company in a letter to the funds’ investors yesterday. While discussing both Netflix Inc (NASDAQ:NFLX) and Micron Technology, Inc. (NASDAQ:MU), he mentioned that “we don’t think the movie is over.” What was even more surprising was Einhorn indicating that he expects the latter to be valued higher than Netflix over the next few years. One of the primary reasons pushing optimism of Micron Technology is the bright future of DRAM and NAND, which has been the primary focus of the company over the past few quarters. At the end of the first quarter, Greenlight Capital had 33.55 million shares of Micron Technology, Inc. (NASDAQ:MU) in its portfolio, valued at $910.20 million. Andreas Halvorsen’s Viking Global is another hedge fund heavily invested in the company, owning 31.15 million shares with a market value of $844.99 million at the end of the first quarter. It is important to note that the shares of Micron Technology have declined by 30% in the second quarter and by 45.56% year-to-date.

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