Micron breaks into the top ten, how long can the valuation frenzy of AI hard technology last? A gross profit margin of 74% looks attractive, but the battle between capacity and growth rate has already started the countdown.

Micron's market capitalization surpasses $1.1 trillion, ranking in the top ten of U.S. stocks and occupying a key position in the AI industry chain. AI is changing capital pricing, with HBM demand driving Micron's performance surge; the latest fiscal quarter saw revenue increase by 196% year-over-year, net profit nearly ninefold, and a gross margin of 74.4%. The top ten U.S. stocks generally cover the entire AI supply chain; however, high capital expenditure and returns remain to be validated. If growth slows, it could trigger a valuation decline, and there is a need to be cautious of overcapacity.