The top has yet to come for MU and DRAM

TL;DR: The market is mispricing Micron and the memory sector because people still think this is a standard cycle. With HBM sold out through the year and margins hitting software levels, the AI bottleneck has permanently re-rated this industry. Wednesday after market close will force the sidelined money to capitulate. I see DRAM pushing to $100 and MU hitting $1500 by Q4. Positions: 4.12758 shares of MU at a $506.94 average and 163.998392 shares of DRAM at a $48.48 average (bear in mind that I am a graduate student with not a lot of money \[Edit: graduate student at MIT to be more specific since it seems that certain people care about whether I come from a prestigious institution or not—it shouldn't matter though\]). People need to stop looking at Micron trading in the $1100+ range and screaming that the top is in. Everyone is so traumatized by the historical boom and bust memory phases that they are completely ignoring the math staring them in the face. This is not just a cycle anymore. We are looking at a completely new structural baseline. Right now, memory is the physical toll booth for the entire artificial intelligence infrastructure buildout. Every single time GOOG, AMD, or NVDA decides to spin up a new AI training cluster, they have to buy HBM. You literally cannot run these next-generation accelerators without it, and the supply just is not there to meet the demand. That supply constraint is exactly why Wednesday after market close is going to be such a massive catalyst for MU. We already know the headline numbers are going to be insane, but the real story is the forward guidance and the margins. The executives have already told us that their HBM capacity is fully sold out through the rest of the year and into 2027. That means all of this projected revenue is not speculative hype. It is a contracted certainty. When a hardware company starts pulling in massive gross margins because their capacity is sold out for years, you cannot value them like a cyclical commodity anymore. When the call kicks off on Wednesday after market close and Micron updates on how fast they are ramping up HBM4 production, a ton of institutional money is going to be forced off the sidelines. The forward multiple is still shockingly low for a company growing this fast. I am extremely bullish on the DRAM ETF, even more so than MU, as it is benefiting from the exact same severe supply crunch and absolutely unchecked pricing power across the entire memory oligopoly. I fully expect this momentum to carry DRAM to $100 and MU to $1500 by Q4.