Memory refresh: (https://www.cnbc.com/2026/07/21/how-to-use-options-to-play-a-sizable-reversion-move-in-micron-over-the-next-few-days.html) shows the Street is now treating the move as a technical mean-reversion play. That's the tell. Micron's revenue growth sits at 96th percentile and inventory metrics at 80th percentile — the fundamentals didn't break in 22 days. What broke is the discount rate.

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