Shares of Micron Technology took a hit after reporting strong quarterly results that surpassed analyst expectations. Despite generating $6.8 billion in revenue and $0.62 in adjusted earnings per share for the third quarter of fiscal 2024, the stock fell as much as 7.9%. The company attributed the positive performance to improving supply and demand balance, as well as robust artificial intelligence (AI) demand driving sales to data centers. However, the stock's decline can be attributed to investors' high expectations and the stock's premium valuation compared to AI-related peers. Micron's forecast of 90% year-over-year revenue growth for the fourth quarter was in line with Wall Street's estimates, disappointing investors looking for a beat and raise scenario. While the market may have reacted negatively to the results, investors should focus on the long-term prospects of the company, especially given the strong growth forecasted for the upcoming quarter. Micron's high valuation and investor expectations may have led to the stock's decline, but the company's solid financial performance and growth potential suggest a promising future ahead.