Micron Is Knocking on $1,000 Again. Is the AI Memory Trade Just Getting Started or a Bull Trap?

Impact · against what's priced in

Micron's record margins and severe supply shortages suggest a structural shift in memory profitability that the market is still discounting due to historical cyclicality. While the HBM4 shipments to NVIDIA and supply pacts with Ford and GM are positive, they provide only incremental evidence of diversified growth for the automakers.

F+0.10

Not in the price yet

The price assumes

any re-rating toward management's 8% adjusted EBIT margin by 2029