Hedging is understandable. But what I don't understand is why they didn't hedge by keeping Crucial around but more dormant (higher prices, less SKUs, etc)

The theory I've heard is built on the fact that China (CXMT) is starting to properly get into DRAM manufacturing - Micron might expect that to swamp the low end of the market, leaving Crucial unprofitable regardless, so they might as well throw in the towel now and make as much money as possible from AI/datacenter (which has bigger margins) while they can.

But yeah even if that's true I don't know why they wouldn't hedge their bets a bit.