Micron's stock has declined 18% from its June 2026 high of $1,255 to $1,030. While the company has historically experienced steep drawdowns during memory market cycles, the article argues that AI-driven demand for high-bandwidth memory (HBM) chips and enterprise SSDs could fundamentally extend this growth cycle differently than past cycles. Analysts project 55% revenue and 67% EPS growth through fiscal 2028, with the stock trading at a relatively cheap valuation of 6x earnings.
Axe note: Micron’s 18% pullback might be a pause before further gains driven by AI demand for memory.