Micron: AI Bottlenecks End The Commodity Cycle

Micron Technology (MU) is experiencing a structural shift, driven by AI-induced demand, with HBM and data center memory now critical to industry supply and pricing. MU's Q2 revenue surged 196% YoY, gross margin reached 74.9%, and HBM capacity is sold out through 2026, supporting a Buy rating. Memory is no longer behaving as a commodity; multi-year contracts, persistent supply constraints, and advanced packaging bottlenecks underpin durable pricing power.