Micron's shares have risen 333% over the past 12 months as AI data center clients buy its memory chips, with fourth-quarter revenue up 379% year over year to $54.23 billion and net income up more than 10-fold to $37.7 billion. The company has authorized $35.7 billion in share repurchases, and its forward P/E of 7 compares with an S&P 500 average of 19. The author links the low valuation to a sell-off in South Korea, where the KOSPI has fallen over 40% from its June peak, erasing more than $2 trillion, on fears of rising bond yields and growing competition from China's CXMT. Some South Korean experts forecast a memory chip supply glut by 2029, which the author says could bring years of stagnant performance similar to the period after the dot-com bubble. The author concludes investors shouldn't expect the stock to exceed its current price of $879 by the end of 2027.
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