MU 已转型为 AI 内存领域的领导者，基本面强劲且估值具吸引力，但仍受行业周期性影响。

In this week's episode, I'll be shining a spotlight on Micron Technologies. Micron is one of the world's largest manufacturers of semiconductor memory and storage products. The company produces three main types of memory: DRAM, NAND Flash , and high-bandwidth memory, also known as HBM.

The company operates across four main business segments, including cloud memory, core data centers, mobile customers, as well as automotive and embedded systems. The bigger story about Micron is its transformation from a traditional cyclical memory factory to a vital resource for artificial intelligence infrastructure .

Modern AI servers require significantly more memory than traditional computing systems, including HBM for AI accelerators , large amounts of traditional server DRAM, and increasingly high-performance SSD storage for AI inference.

In the competitive landscape, both SK Hynix and Samsung are major competitors. These companies compete directly with Micron in DRAM, as well as in high-bandwidth memory. An unexpected competitor is the Chinese memory manufacturer CXMT, which is gaining significant importance, particularly in traditional DRAM technologies.

One of Micron's strengths is its diverse presence in different parts of the artificial intelligence memory system . It sells HBM , traditional DRAM memory , as well as NAND-based storage .

Therefore, Micron is not dependent on just one type of AI memory request .

In terms of unique value, Micron's greatest competitive advantage is amplified by its position at the intersection of AI computing and bandwidth memory. The unique value of Micron also lies in the fact that mass production of Nvidia's Vera Rubin platform's HBM4 is now accelerating.

Back this week on September 30, the company announced another record quarter for its fiscal fourth quarter of 2026 . Revenues reached approximately $54.2 billion . This represents a 31% increase on a quarterly basis, and a staggering 380% increase on an annual basis compared to the same quarter last year.

Adjusted earnings reached $33.42, and gross profit margins expanded to an exceptional 87% of sales. These figures illustrate how robust the current memory environment is.

The company is benefiting from a combination of explosive demand for artificial intelligence, a shortage of supply in the industry, and soaring memory prices. For the entire 2026 fiscal year, the company achieved sales exceeding $133 billion, compared to just $37 billion in the previous year. As a result, annual revenues more than tripled.

On a full-year basis, non-GAAP earnings per share reached more than $75 per share.

Currently, the biggest driver of growth remains data centers. The core data center business generated approximately $18 billion this quarter, compared to only about $1.6 billion a year ago.

Thus, revenues alone in the data center sector increased more than 11 times.

This gives you a sense of how quickly spending on AI infrastructure is flowing across Micron's business. The cloud memory sector also generated more than $16 billion in revenue, and both activities achieved very high gross profit margins .

From a forecasting perspective, management also delivered very strong figures. For the current fiscal quarter , Micron is expecting revenues of approximately $61.5 billion, which would represent another meaningful consecutive increase over the record fourth quarter it just announced .

Earnings are expected to be around $38 per share, and gross profit margins are still expected to be relatively high at over 86% of sales.

One of the most significant changes in Micron's story is the company's use of long-term agreements with customers.

Historically, memory has been one of the most cyclical activities in the field of technology. As demand rises, prices increase, manufacturers expand production, and eventually supply catches up with demand, then prices and profits fall.

Because profits can collapse quickly, that is why you generally see volatile price movement over time.

Now, Micron is trying to reduce this volatility as the company now has more than a dozen strategic agreements with customers covering future long-term memory purchases. This does not necessarily eliminate the cyclical nature of its business, but it may make Micron's future revenues and profitability more predictable than they have been in previous cycles.

Now , we must bear in mind that there are many other positives about the industry at the moment . The demand for AI memory is extremely strong. High-bandwidth memory has become a key component of modern artificial intelligence accelerators .

Micron has already begun shipping Nvidia's Vera Rubin-designed HBM4 , keeping the company in a central position near the building of AI infrastructure.

Another key advantage is the ability to price. As I mentioned , Micron's gross profit margin has risen to about 87% of sales compared to less than 50% a year ago. This tells us that demand far outpaces available supply.

Now, the evaluation is one of the most interesting parts of the Micron story. Despite the huge increase in the share price, Micron's stock is still trading at only six times its future earnings.

This is significantly lower than the semiconductor sector average, as well as the historical average for the stock .

The stock may look extremely cheap on the surface, but just like SanDisk, this low multiple needs context to be understood. Micron is currently making exceptional profits due to high memory prices .

The demand for artificial intelligence and operational leverage is currently working entirely in its favor.

Now, let's address some concerns as usual. The biggest concern facing Micron is the concern that has accompanied the history of the memory industry, which is the cyclical nature of this industry.

Extremely high prices ultimately encourage other manufacturers to increase production. Micron is investing heavily in new manufacturing capabilities, and its direct Korean competitors, Samsung and SK Hynix, are also expanding their capabilities.

Ultimately, this additional supply will catch up with demand and put pressure on memory prices.

Another concern relates to profitability, as the gross profit margins of 87% are extremely strong and unusual for any semiconductor company , especially in the memory sector. Even a return to historically strong margin levels could have a tangible impact on earnings and share price.

Finally, another risk we must consider is capital intensity. The company needs to spend huge sums on manufacturing plants, advanced packaging, and next-generation memory technologies.

Now, let's take a look at the technical side of Micron stock. The long-term artistic image remains very strong. The stock is currently trading at approximately $1080 , and remains above its key moving averages, including the 50-day and 200-day moving averages.

Most importantly, these two averages are rising, confirming that medium- and long-term trends remain positive.

The stock also significantly outperformed the broader market over the past year. But after a tremendous rise, Micron is now experiencing a stabilization phase instead of vertical growth. The momentum is still constructive.

If we look at the daily Relative Strength Index, it is at approximately 56. Therefore, it is above the neutral level of 50 , but comfortably below the 70 level which usually indicates overbought conditions .

Therefore , the stock is no longer technically overbought, as confirmed by the buy signal ( 50/50), which means that the stock is trading above the 50 Relative Strength Index and its 50-day moving average .

The MACD indicator is also positive, indicating that the positive momentum remains , despite the slowing rate of acceleration after the recent rise. In short, there is no doubt that Micron has undergone a radical transformation.

The company is still a memory manufacturer, but artificial intelligence has changed the strategic importance of memory .

Modern AI accelerators require enormous amounts of high-bandwidth memory. AI servers require more traditional RAM, and AI inference requires sophisticated, high-performance storage.

Micron is involved in all three of these ecosystems.

The company just announced exceptional revenue growth and record profit margins, and has already begun shipping HBM4 memory for Nvidia's Vera Rubin platform.

We must remember that at some point, additional production capacity in the sector may catch up with demand and put pressure on prices.

Therefore, the investment debate is not necessarily about how well Micron performs. It is clearly performing well at the moment. The most important question is: Has artificial intelligence permanently changed the economics of the memory sector, or are we simply witnessing the strongest upward cycle in the history of memory?