Meet Kevin on $MU (Nov 3, 2026)
Micron is undervalued: its ~0.33 PEG is too harsh even after a cyclicality discount; at its margins it could merit 2.7 PEG, and taking one peg off still implies about 5x current value. Bernstein sees CXMT bypassing Micron in wafer capacity by late 2028.
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Leverage ETFs had to dump $1.9 billion dollars of Micron in just one day.
The Kepler World Value ETF now literally has a 14% exposure to Bicron. Now, some people call uh sorry, Kepler is commenting on the world uh value ETF and and they think that Micron is a bubble.
But the world value ETF has 14% of an exposure to Micron. Why? Well, because Micron's trading for like a.33 peg ratio, a price to earnings growth ratio right now. How much do you need to punish the company for cyclicality?
At their margins, they're probably worth a 2.7 peg. Now, you have to put a cyclicality discount in that. Okay. So whatever, take one peg off. Well, even if you took one peg off, 1.7 divided by.33, they should be 5x where they are right now.
You know people actually Bernstein sees CXMT bypassing Micron in wafer capacity by late 2028.
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