Micron Technology (MU) still has a strong structural bull case. HBM is effectively sold out into 2026–2027, hyperscaler AI capex remains aggressive, and memory is shifting from “commodity” toward strategic infrastructure. That is why analysts are talking about a “virtuous cycle” instead of a normal DRAM boom-bust phase. 

But after a near-parabolic move toward $800, risk/reward is no longer clean. Options markets are already pricing large swings, and psychologically round numbers often attract profit-taking. 

Personally:

Long-term investor → scaling in slowly still makes sense.

Short-term trader → chasing here feels late unless momentum stays extreme.

$770 support is more attractive because it gives better downside control while still respecting the AI memory thesis. If MU loses that zone decisively, sentiment could unwind quickly toward lower support despite strong fundamentals.

The key risk is that investors may be extrapolating peak HBM pricing too far forward. Memory cycles never disappear entirely. Samsung and SK Hynix capacity responses still matter.