Micron shares falter after weakened 2023 market outlook
Micron Technology (NASDAQ:MU) shares fell around -3% pre-market Wednesday morning after the semiconductor company warned that the market outlook for 2023 has weakened. 
In response to market conditions, the company is reducing DRAM and NAND wafer starts by approximately 20% versus fiscal fourth quarter 2022. These reductions will be made across all technology nodes where Micron (MU) has meaningful output.
In addition, the firm is looking for additional capex cuts. For 2023, it now expects its year-on-year bit supply growth to be negative for DRAM, and in the single-digit percentage range for NAND.
Micron believes DRAM bit supply will have to shrink and NAND bit supply growth will have to slow down from previous estimates in 2023 to improve total inventory in the supply chain.
CEO Sanjay Mehrotra said: "Micron is taking bold and aggressive steps to reduce bit supply growth to limit the size of our inventory. We will continue to monitor industry conditions and make further adjustments as needed. Despite the near-term cyclical challenges, we remain confident in the secular demand drivers for our markets, and in the long term, expect memory and storage revenue growth to outpace that of the rest of the semiconductor industry."