Summary

• I think the consensus view on Micron Technology (NASDAQ: MU) misses a physical reality. HBM consumes roughly three times the wafer area of standard DDR5, and HBM4 widens the gap.
• Goldman Sachs estimates Micron alone accounts for 51% of all S&P 500 EPS revisions since the Iran war began earlier this year. The Street has company's FY26 EPS growing 605%.
• Today's launch of the 245TB Micron 6600 ION SSD diversifies the bull case beyond HBM, cutting required rack count by 82% versus HDDs. It addresses the floor space and power.
• I value the stock with a floor-to-ceiling framework: a ~$600 floor anchored on Q3 EPS guidance and trough multiples, a $750 base case, and a ceiling that depends on whether the 2028 shortage scenario plays out. The Street-high target is $1,000.

The Trilogy, And Why Today Matters

I have spent the past few months building a three-part thesis on the AI buildout for my readers. SoFi was the financier. Nebius was the infrastructure. Today's piece on Micron completes

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