It’s clear that the market is the one that didn’t notice $MU

The stock breaks the $1,000 barrier with a +200% return since the beginning of the year and +920% over the year!

And on top of all this... the stock is still trading at a P/E ratio of approximately 9x for 2027 only

The most important question: Is the stock in a cyclical phase as usual? or are we facing a historic phase that requires treating it differently?

All indicators suggest that we are in a structurally different phase:
- HBM’s production capacity for 2026 is sold out, and $MU can only meet two-thirds of its major clients’ medium-term demand
- DRAM prices have increased up to 6 times over the year, and server memory has jumped +300% annually
- UBS expects the shortage to continue until at least Q2 2028, with profits exceeding $100 per share annually from 2027 to 2029

The sector will remain a winner until supply and demand balance, which is not expected before 2029