It would be odd to say that investors are too pessimistic about a stock that has tripled this year, but that appears to be the case for Micron (NASDAQ:MU). Shares of the leading memory chipmaker are up 240% this year, but they're down more than 20% since peaking after Micron's fiscal third-quarter earnings report. In the months since, investors have hotly debated the sustainability of the memory chip boom, driven by a shortage that has led to sky-high prices. Even as supply-and-demand conditions have tightened since June, investors seem to believe that Micron stock has peaked and that they're better off hedging their bets in anticipation of the cycle's downside.
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