Direxion Daily MU Bull 2X Shares (MUU) recorded a steep 24-hour plunge of 5.43%, as profit-taking pressure swept through its underlying holding, Micron Technology, during the overnight session.

The leveraged ETF's decline followed a sharp rally in Micron Technology in the prior session, which was fueled by Tesla CEO Elon Musk confirming that the automaker had secured a substantial allocation of memory chips from Micron on very reasonable terms. However, that upward momentum quickly reversed as investors locked in gains. Analysts at Wedbush noted that while Micron's fundamentals remain strong, upside from current price levels appears limited, maintaining a neutral stance on the stock. General DRAM price increases have also shown signs of deceleration, and profit-taking sentiment spread across the broader semiconductor sector. As a 2x leveraged product, MUU structurally amplified the magnitude of Micron's retracement, resulting in the pronounced overnight decline.