u/One-Jackfruit-2848

MU trades at ~9x forward P/E while benefiting from AI-driven memory demand; the author’s cost basis is $259, and earnings have consistently beaten. Despite the stock’s recent run, the valuation remains low relative to growth, creating a potential entry if the market continues to re-rate memory cycle players upward. The author is considering adding to an already overweight position, implying belief that MU’s upside from AI memory demand is not fully priced in. Cyclical nature of memory; peak cycle risk; crowded trade (community notes “everyone buying”); potential mean reversion if AI investment slows or supply glut emerges.