$Micron Tech(MU.US)

From 2026 to 2027, AI will shift from "training-dominated" to "inference-dominated" (inference takes the lead).

Long-context, agentic AI (multi-step reasoning, planning) requires retaining massive KV cache. If relying solely on GPU's HBM, capacity will quickly be exhausted; it must be offloaded to a cheaper but high-speed storage layer (such as Nvidia's Inference Context Memory Storage platform).

This means: In future AI system architectures, the memory + storage layer will become an independent critical tier, on par with GPU compute, and even more decisive for system throughput (tokens/s) and energy efficiency.

Micron currently has a forward P/E of around 11, conservatively speaking, doubling its valuation to 1 trillion is entirely possible, with a conservative estimate of 800 billion+ by late 2026 to mid-2027.

2026 is when the market will reprice Micron, conservatively within 3 months, possibly as soon as this week, as Micron enters a Davis Double.

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