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Micron Technology (MU) reported yet another outstanding quarter, forcing investors to rethink what a “cyclical” memory stock is supposed to look like. Revenue exploded 379% from the year-ago quarter to $54 billion, gross margin reached 87%, and the company is already guiding to an even bigger quarter amid a memory shortage. And still, the valuation carries the fingerprints of the old Micron, as investors expect this memory stock to boom, bust, and eventually disappoint.
Wall Street, however, sees the AI opportunity growing, with the most bullish estimate implying that the stock could more than double from here. MU stock is up 237.6% year to date, so is it time to load up on Micron stock?
