Summary

• Micron Technology, Inc. delivered historic Q3 results, with record revenue, margin expansion, and robust free cash flow, underscoring surging AI-driven memory demand.
• MU's forward guidance significantly exceeded consensus, with management securing HBM capacity commitments through 2027 and projecting HBM TAM to surpass $100 billion by 2028.
• Despite a strong rally, MU remains undervalued, trading at 14x forward EPS, and could appreciate another 50% while maintaining reasonable valuation metrics.
• We continue to recommend accumulating MU on pullbacks, given its compelling growth-and-value profile, operational execution, and strong shareholder return strategy.
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Our investing group has held a position in Micron Technology, Inc. (MU) since it was trading around the $40 mark. Having tracked this company well before the AI tailwinds emerged over the last year or

Analyst’s Disclosure: I/we have a beneficial long position in the shares of MU 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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