Micron (MU) shares have been volatile and are down more than 25% from their peak. Some investors are optimistic that tech giants will keep spending heavily on AI, while others worry the memory shortage could end sooner than expected and trigger a near-term sell-off. In the trailing 12 months, operating income reached $99 billion on $133 billion of revenue, a 75% margin, versus $9.8 billion on $37.4 billion (26%) for the 12 months ended Aug. 28, 2025. The article argues such margins are unlikely to be sustainable in a historically cyclical business, as rivals have strong incentive to ramp up supply. It notes the stock is up over 1,200% in five years and has a market cap above $1 trillion, and says even growth investors may consider profit-taking, since a slowdown could make the stock look far more expensive.
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