Micron Technology (MU) has become one of this year's most popular stocks as its memory and storage chips are essential to AI, with the shares up more than 1,000% over three years and on track for a gain above 200% in 2026. The article argues that agentic AI, which needs memory on an ongoing basis, could be a bigger growth opportunity than model training, which needs memory only once. Revenue in the latest quarter rose more than 370% to a record US$54 billion, but supply constraints, a possible easing of supply that could pressure prices, and any slowdown in AI infrastructure spending are risks given the industry's cyclicality. The article calculates that a US$10,000 investment three years ago would now be worth about US$135,000, far short of US$1 million, and suggests holding Micron as part of a diversified basket of quality stocks for five to 10 years rather than on its own.
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