Micron’s (NASDAQ: MU) stock could double and still look undervalued, because the Q4 earnings report for its fiscal year 2026 (FY2026) answered three important questions about the duration of high-bandwidth memory (HBM) shortages, operational leverage, and cash flow.
Simply put, the market is misjudging HBM demand and how tight capacity remains. Micron says its capacity is already 75% booked through the end of 2027, with supply/demand forecasted to tighten further in 2028.
