Micron Hit $1 Trillion This Week. Insiders Are Already Selling. - Money Morning

Micron Technology crossed the $1 trillion market cap threshold this week, joining an elite group of companies including Apple, NVIDIA, and Microsoft. The surge in stock price—up 66% over the past year... Read original →

Micron’s $1T valuation reflects AI-driven HBM euphoria but masks a dangerous mismatch between cyclical fundamentals and speculative pricing. Technically, HBM3E/HBM4’s reliance on multi-layer EUV and TSV processes is forcing equipment and OSAT partners to retool, inflating the entire AI memory stack’s cost. Geopolitically, while U.S. export controls benefit Micron’s U.S. and India expansions, its supply chains in Taiwan, China and Japan face acute disruption risks. With SK Hynix and Samsung racing to scale HBM4, Micron’s fully booked 2026 capacity may not sustain premium margins. Over the next 12–24 months, any slowdown in AI server capex or relief in CoWoS bottlenecks will trigger memory corrections first. If the June 24 earnings fail to prove HBM gross margins substantially outpace legacy DRAM, the current valuation is unsustainable.