Micron Technology, Inc. (MU): A Bull Case Theory 

We came across a bullish thesis on Micron Technology, Inc. on Techcache’s Substack by Joe Albano. In this article, we will summarize the bulls’ thesis on MU. Micron Technology, Inc.’s share was trading at $240.46 as of December 1st. MU’s trailing and forward P/E were 31.68 and 15.11 respectively according to Yahoo Finance.

Micron Technology, Inc. designs, develops, manufactures, and sells memory and storage products in the United States, Taiwan, Singapore, Japan, Malaysia, China, India, and internationally. MU’s positioning in the current DRAM cycle underscores how rapidly pricing momentum has strengthened, with quarterly increases of 20–25% already evident and the potential for cumulative gains of more than 50% in just two quarters becoming increasingly realistic. What began as a question of whether DRAM prices could double has shifted toward how quickly that doubling could occur, given the structural forces now driving the market.

Traditional pricing trackers like DRAMeXchange, which still focus heavily on DDR3, DDR4, and PC DRAM, have lost relevance as these products represent a shrinking share of Micron’s mix, now below 10% and declining further as HBM and DDR5 expand.

Their estimates continue to lag actual conditions, only recently adjusting higher to levels Micron’s earnings and industry supply-demand trends had already indicated months earlier. With legacy DRAM supply fading and PC DRAM acting more as a downstream indicator than a driver, meaningful direction now comes from the segments tied to AI, data center, and advanced node transitions.

Supply growth remains constrained by limited new capacity and slowing bit-density improvements, while inventories have tightened sharply in just a few quarters. With demand outpacing supply across Micron’s core markets, price becomes the only variable able to absorb the imbalance. This backdrop supports the case for sustained acceleration into 2026, potentially including 30% pricing gains in upcoming quarters, and keeps the path to a doubling of DRAM prices firmly intact. With no clear off-ramp and fundamentals tightening further, the current upcycle appears set to continue strengthening.

Previously we covered a bullish thesis on Micron Technology, Inc. (MU) by Oliver | MMMT Wealth in April 2025, which highlighted MU’s AI-driven demand strength, product leadership, and attractive valuation. The company’s stock price has appreciated approximately by 242% since our coverage. This is because the thesis played out. The thesis still stands as structural memory demand accelerates. Joe Albano shares a similar view but emphasizes rapid DRAM price momentum.

Micron Technology, Inc. is not on our list of the 30 Most Popular Stocks Among Hedge Funds. As per our database, 94 hedge fund portfolios held MU at the end of the second quarter which was 96 in the previous quarter. While we acknowledge the risk and potential of MU as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than MU and that has 10,000% upside potential, check out our report about this cheapest AI stock.

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Disclosure: None.