Quick Read – Micron’s 654% one-year gain already prices in the good news, and management admits incremental price gains now yield less gross margin expansion. – MU faces acute concentration risk with HBM4 revenue tied to one lead customer, where a single hyperscaler’s capex cut…
uld reprice 33% of revenue overnight. – At $905, Micron Technology (NASDAQ:MU) shows growing valuation risk. The memory maker has been the single most spectacular AI-adjacent trade of the past year, and that is exactly the problem at today’s quote
Micron is the only U.S.-based maker of DRAM and NAND memory, and it now sells high-bandwidth memory (HBM) next to every leading-edge AI accelerator. Cloud Memory did $13.769 billion in Q3, Core Data Center added $11.524 billion, and Mobile and Client matched at $11.521 billion. Reported gross margin hit 84.6%, up from 37.7% a year earlier.
The stock has risen from roughly $119.92 a year ago to $904.28, and has pulled back 16.87% in the past month from above $1,087. The question now is whether that pullback is a pause or the start of something bigger. Why the Bulls Still Own This Trade Q3 revenue landed at $41.456 billion, beating consensus by 17.60%, and non-GAAP EPS of $25.11 beat by 23.79%.