$Micron Tech(MU.US) I guess it will be the one with the strongest gains later. The market is worried about Samsung's HBM4 taking orders and that the stock price tripling should take a breather, but what you see is surface-level competition. What really changes the script is—Deutsche Bank just raised its target price from 300 to 500 in one go, citing that HBM consumes three times the silicon wafer capacity of regular DRAM. This isn't a cycle at all; it's the permanent reshaping of capacity structure by AI.

Micron's HBM for 2026 is already completely sold out, and next year's is mostly locked in too. UBS put it even more bluntly: DRAM will be in short supply until the end of 2027, and NAND until early 2028. What you're buying now is storage, and what you're holding is hard currency with pricing power for the next three years.

The most insane part is the valuation. Q1 revenue was 13.6 billion, profit 5.2 billion, both more than doubled, but the stock price implies a 2026 P/E of only 5-6 times. Hard drive stocks like Western Digital are trading at over ten times. It's not expensive; it simply hasn't been priced as a core AI asset.