The GraniteShares 2x Long MU Daily ETF (MULL) plunged on Thursday, driven by a combination of company-specific news from Micron Technology (MU) and broader sector weakness following Broadcom's (AVGO) earnings report.

  • Micron's stock fell over 7% after the company announced a strategic shift to lock in customers with new long-term supply contracts for its AI memory chips.
  • While the deals offer revenue stability, investors expressed concern that they could cap future upside if spot prices for high-demand memory continue to climb.
  • The selloff was amplified by negative sentiment across the AI semiconductor space after Broadcom's forward guidance for AI chip revenue fell short of some of the market's highest expectations, triggering profit-taking.