Micron: The Market Still Underestimates The AI Memory Cycle

Micron Technology is experiencing a structurally different upcycle, driven by surging AI-related memory demand, especially for HBM and advanced DRAM. MU has sold out its 2026 HBM capacity, is securing multi-year contracts, and is rapidly expanding fabrication to meet robust AI infrastructure needs. Despite a 700% stock gain, I see a 38% further upside, as the upcycle is in its early to mid stages and not yet at its peak.