Micron's Sharp Revenue Drop Signals Chip Glut Won't End Soon

Micron Technology's quarterly revenue fell 23% from the prior quarter and 20% year-over-year to $6.6 billion. The memory chip maker is cutting capital spending (money for factories and equipment) by over 30% and slowing production. When prices and demand both fall together, it signals oversupply: too many chips, too few buyers. The company sees no quick recovery ahead.