From an investment perspective, I believe $Micron Tech(MU.US)'s logic heading into 2026 leans more towards "high volatility rather than one-sided surge." As long as the HBM supply-demand gap persists, it will be difficult for the stock price to see a trend reversal; but if the market starts pricing in "demand destruction" early, the room for valuation expansion will also be significantly limited. In other words, while exploding memory prices benefit profits, they may not linearly benefit stock prices.