Summary

• Micron Technology, Inc. is delivering historic results amid an AI-driven memory shortage, with shares up over 700% in a year and trading at 10x forward earnings.
• MU's current valuation capitalizes peak-cycle earnings, ignoring the memory industry's deeply cyclical, commodity nature and history of sharp post-peak drawdowns.
• Massive new capacity investments by all three DRAM producers, including MU, are set to come online from late 2027, likely ending today's shortage and pressuring margins.
• I would only consider owning MU at a mid-cycle or trough valuation, not at current record highs, as the cycle's risks remain intact despite structural improvements.

Micron Technology, Inc. (MU) is a great American semiconductor company having a historic moment—and, in my view at T&T Capital Management, trading at a price that asks investors to forget everything the memory industry has

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