Micron Technology: I Think There Is A Clear Path To Over $1,500

Micron Technology is deeply undervalued at 11x forward P/E, despite 190% YoY revenue growth and a 57% net income margin. MU's rerating thesis is driven by structural AI demand, fully committed 2026 HBM capacity, and technological leadership in SOCAMM2 and HBM4. MU is a confirmed supplier for NVDA's Vera Rubin platform, with high-volume HBM4 and SOCAMM2 shipments and a rapid 1-gamma DRAM node ramp.