Summary

• MU is a 'Strong Buy' due to a structural, AI-driven paradigm shift in memory demand, not a typical cyclical recovery.
• Micron's pricing power, margin expansion, and persistent supply shortages signal an earnings upcycle with multi-year visibility from AI and hyperscaler demand.
• The company trades at ~8.6x FY2026 EPS and ~4.9x FY2027 EPS, versus peers like SNDK at ~22x earnings multiples.
• I remain bullish on MU but would reevaluate if supply outpaces demand, eroding pricing power and margins.

What's happening in memory right now doesn't look like a typical cycle, and that's exactly why I think Micron (MU) remains a strong buy. I've stopped focusing on how much demand exists and started

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Analyst’s Disclosure: I/we have a beneficial long position in the shares of MU, SNDK either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

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