Wall Street is treating Micron like a traditional cyclical commodity, arguing that the best days are behind us. They are missing the bigger picture. We are not just in a cycle; we are witnessing a structural paradigm shift driven by inelastic AI demand. Memory has transformed from a commodity into a strategic bottleneck, and the unit economics of HBM4 are about to rewrite the profit rules for the entire industry.
In this deep-dive "High-Conviction" report, I break down why the consensus is wrong and why the supply constraints are tighter than anyone realizes. I outline the mathematical path to a $475 price target, supported by an unassailable technology moat and accelerating cash flow. If you want to understand the "Variant View" that justifies an 85% upside from here, download the full analysis below.
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