Micron: The Easy Money In This Cycle Is Behind Us
Micron Technology has seen significant growth, compounding 7x in the past year due to the AI-driven memory supercycle. However, the company's Q3 FY26 guidance indicates that further gains may be limited without a longer peak or higher earnings than expected for FY27. The author maintains an Equal Weight rating with a price target of $700, suggesting that the most profitable phase of the cycle may be over.
- ▪Micron has compounded 7x in 12 months to over $710.
- ▪Q3 FY26 guidance confirms the AI-driven memory supercycle.
- ▪Micron's HBM market share is weaker than previously thought, with only ~20% allocation at Nvidia.
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