$Micron Technology(MU)$ Meaningful extra capacity doesn't come online until the back end of 2027/2028. Nvidia, AMD, and others are all forecasting 40% CAGR. When the extra capacity kicks in, it will be swallowed by the extra demand. This high-priced memory cycle will be here for 3 to 4 years. What will happen as the market accepts this is the multiple will expand. Historically 12.6, it will go to 16/17 plus. Earnings with cheaper DRAM/NAND will stay above 100 bucks a year due to extra supply. The stock price will end up above 1700, with no remorse.
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