Micron Stock Is Trading Down Today: What's Going On?

Micron Technology, Inc. MU shares are down Thursday, pulling back from recent strength.

What To Know: Amid Micron's pullback, the company also announced it signed a 15-year virtual power purchase agreement for its U.S. operations with Terra-Gen in which Micron will receive approximately 178 megawatts (MW) of wind electricity capacity and associated renewable energy certificates annually.

This agreement will help assist in the company's U.S. target to reach 100% renewable energy by the end of 2025 and to reach net zero greenhouse gas emissions by 2050.

"This partnership with Terra-Gen adds another utility-scale renewable energy project to our growing portfolio, supporting our goal to achieve 100% renewable energy in the U.S. by the end of 2025," said Manish Bhatia, executive vice president of Global Operations at Micron.

"Terra-Gen's proven track record of building and operating efficient facilities, as well as the maturity of this particular wind project enables Micron to diversify our energy portfolio and to effectively manage our long-term energy costs in the U.S."

Once the project begins generating electricity for Micron, it is expected to avoid more than 280,000 metric tons of carbon dioxide equivalent emissions annually. Such is approximately the average electricity use of more than 50,000 homes in the United States.

Micron also filed a patent on Thursday related to memory with an artificial intelligence accelerator.

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MU Price Action: Shares of MU were down 2.86% at $65.14 at the time of publication, according to Benzinga Pro.

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