Micron: The Peak Everyone Sees Isn't There

Micron Technology, Inc. remains a Buy as AI-driven memory demand, HBM strength, and margin expansion underpin a robust structural setup. Q2 FY25 saw revenue surge over 3x YOY to $23.86B and non-GAAP gross margin jump to 74.9%, reflecting accelerating AI adoption. Supply constraints, complex HBM production, and longer-term agreements support pricing power and visibility, while capex timing delays near-term supply risk.