Memory cycle + AI demand (I don’t want to mix them up)
$Micron Technology(MU)$ is a classic “cycle + structural” story. The cyclical piece is DRAM/NAND pricing and inventory normalization; the structural piece is AI-related memory content (especially higher-end products) and potential pricing power when supply stays disciplined.
I watch:
(1) pricing trends and contract negotiations
(2) capex discipline across the industry (oversupply kills the party)
(3) commentary on high-end demand and product mix, and
(4) gross margin trajectory as utilization improves.
Bull case: improving pricing + mix shift lifts margins faster than revenue. Bear case: pricing recovers but supply ramps too early, flattening the cycle.
This is not a “one-quarter” stock—guidance and industry behavior matter as much as reported numbers.
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