So Nvidia’s been stealing the spotlight (rightfully so), but Micron has quietly gone +108% this year, and +41% just last month.
Everyone talks about “AI brains” (GPUs), but those brains are useless if they’re starved of data. That’s where Micron’s high-bandwidth memory comes in. Basically, the GPUs can’t flex unless they’re being fed fast enough.
Numbers look wild: $37B revenue (+50% YoY), EPS up 5x, and they’ve already sold out next year’s HBM supply.
But here’s the nagging thought, memory stocks have always been cyclical. Every time people say “this time it’s different,” it usually isn’t.
So what do you guys think? Is Micron actually in a long-term AI supercycle, or are we about to see another painful downcycle once the hype cools?