Micron: The Market Is Right (Rating Upgrade)

I'm upgrading Micron to a cautious buy on pullbacks. My call is mainly driven by structural AI demand and memory supply constraints. MU's valuation is now based on a multi-year AI supercycle, with HBM4 demand visibility and pricing power supporting the bull thesis. Key near-term catalysts include management's commentary on HBM TAM, revenue run-rate, and gross margin expansion at the upcoming June 24 print, in my opinion.