Parnassus Comments on Micron

Guru stock highlight

Author's Avatar
Aug 02, 2021
Summary
  • The stock was a detractor.

Memory-chip maker Micron (MU, Financial) subtracted 29 basis points from the Fund, as its stock fell from $88.21 to $84.98, for a total return of negative 3.7%. Pricing and demand for memory remained strong across all key markets, but Micron’s stock underperformed due to expectations for slowing volume growth and higher costs from more advanced and expensive chips. We continue to believe in the long-term technology trends across all sectors, such as enterprise, mobile, data centers, and auto, that drive demand for Micron’s memory chips.

From the Parnassus Endeavor Fund (Trades, Portfolio)'s second-quarter 2021 commentary.

Disclosures

I/we have no positions in any stocks mentioned, and have no plans to buy any new positions in the stocks mentioned within the next 72 hours. Click for the complete disclosure