What am I missing on Micron other than China and "AI might be in a bubble."?

I am looking at the freefall of Micron and I cannot believe it. A company with a margin of 80%, ridiculous amount of free cash flow, worth well enough to cover debt, explosive revenue growth, and right now at a p/e of 17 with future p/e of 5. I could believe a 10% fall from all time highs as people take profits and get weary of eventual competition eating margins, but a near 40% drop?

It really feels like a no brain stock to buy at this point with every reason for its fall being speculative fear about AI investments not being worth what every company is spending on, and this fear that the new Chinese chip company is going to kill margins in an environment where the USA is currently led by Trump; someone who has a disdain for China and was the one who started a trade war with them a decade ago. Even better, selling puts with the ridiculous premiums it is offering.

What am I missing to see the freefall the company is facing? Is there any warranted case for it being a falling knife?