Can Micron still rise, or do some people already think Micron and SanDisk have become meme stocks?

To answer whether it can rise, let's look at Micron's current valuation multiples.
Micron is now at $750, having increased sevenfold over the past year, and nearly doubled this year so far.
It seems crazy, but there is strong fundamental support behind it.
Micron's PE ratio over the past twelve months is 35, roughly the average level for the semiconductor sector,
yet Micron's expected year-over-year EPS growth is 600%, so its forward PE for 2026 is still only 12,
and for 2027, it's only 7.
For a company whose EPS can double or triple year over year, such forward PE ratios are really not expensive.
Currently, Micron's forward PEG is only 0.1, strictly speaking, still undervalued by 90%.
If Micron's latest earnings report surpasses expectations like SanDisk, and significantly raises the full-year guidance,
its stock price will further increase.
If management mentions in the earnings report that growth will continue into 2028 or even 2029,
Micron could break through the cyclical stock barrier and directly achieve even the industry average PE,
then the upside potential would open further, and doubling again wouldn't be impossible.
If you have a Micron position, I suggest you hold it.
If your Micron holdings are already large, you can take partial profits like I did, to lock in gains.
After two profit-taking rounds, I still hold 8% of my core position, waiting for the next move.
If you don't have a position now, chasing Micron does carry two risks: one is technical overheating, which could lead to a short-term pullback,
and the other is that if the cyclical stock narrative isn't broken and fundamentals collapse,
Micron's PE multiple could be quickly cut down, and the stock price would fall rapidly.
Of course, I think the second risk is unlikely, considering SanDisk's earnings report and other tech giants' CEOs mentioning memory bottleneck issues in their latest reports.