Move Over, Nvidia: 1 AI Stock Just Posted Its Best Day Since 2011 -- and Wall Street Says It's Still Cheap. - The Globe and Mail

Micron Technology surged over 19% in a single trading session, marking its largest gain since 2011, pushing its market cap past $1 trillion and making it one of the top ten most valuable U.S. public c... Read original →

Micron’s 19% single-day surge reflects structural scarcity in AI memory, not speculative froth. With its entire HBM output pre-sold, it’s reshaping upstream demand for EUV tools and forcing AI accelerator designers to optimize interconnects around constrained bandwidth. Geopolitically, U.S. export controls amplify Micron’s reliance on fabs in Taiwan, China, Japan, and Singapore—boosting supply chain resilience but inflating compliance costs. Facing SK Hynix and Samsung’s HBM4 lead, Micron is likely doubling down on exclusive partnerships with Nvidia and hyperscalers. Over the next 12–24 months, if AI capex cools just as its $25B+ capacity ramps, a pricing crash looms. Yet as long as generative AI training clusters expand, Micron remains the indispensable ‘plumbing of AI,’ and its 13x forward P/E offers compelling downside protection.