Micron (MU) closed at $878.84 after a 14.58% one-week decline, while fiscal 2026 revenue reached $133.19B, up 256.3% year over year. The article's model projects a base-case value of about $1,487.40 for a $1,000 investment by 2031 (a 48.74% total return), with a bear case of $849 and a bull case of $2,684.40. Supporting factors include demand expected to exceed supply in calendar 2027 and 2028, more than 75% of 2027 output already committed, and 26 strategic customer agreements with remaining performance obligations near $150 billion. Risks cited include memory's historical cyclicality, a record 87.0% non-GAAP gross margin, $30.7B in fiscal 2026 capex, and a possible strike in Taiwan. With a beta of 2.226, the article notes that price moves could be sharp.
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