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The memory industry has mostly remained cyclical. However, now artificial intelligence (AI) is consuming memory at a pace that might be difficult to sustain for years. Advanced AI systems require significantly larger memory to function, and memory-chip companies like Micron (MU) are capitalizing on this. Micron Technology designs and manufactures the chips that store, move, and process data inside devices. Its products include DRAM memory, NAND flash storage, and high-bandwidth memory (HBM).
Micron shares have surged an eye-popping 153% year-to-date, and 637% over the past year. But its fiscal Q2 earnings implies this rally may just be the beginning. I believe the stock still does not fully reflect how dramatically the memory market is changing.
