Micron, a lesson in growth investing
Micron's (MU) is up roughly 650% over the last year, to $920. The question this raises is the opposite of the one Adobe investors are asking: not "has the market overreacted to a threat?" but "has the market correctly priced in an opportunity, or is this a bubble?" Is it time to take profits, or is this just the beginning?
What is Micron?
Micron is one of only three companies in the world that manufacture at scale, the fast, short-term working memory used in virtually every device that computes or stores data. It is also one of a slightly larger group, alongside Samsung, SK Hynix, and Kioxia, that produce , the long-term storage memory found in the same devices. PCs, phones, cars, cloud servers, and especially the servers that run artificial intelligence all need Micron-style memory chips, and there is no cheap substitute for them.