Why Micron Is Still 'Pretty Cheap' Despite Its AI-Driven Run: Legato CIO Says This Is 'Not The Dot-Com Bubble' - Yahoo Finance

Despite the surge in AI-driven demand, Micron Technology remains undervalued according to Legato Financial Chief Investment Officer Ryan Kelly, who asserts this market expansion is not reminiscent of ... Read original →

Micron’s valuation remains compelling because AI infrastructure is shifting from capex to real earnings. Technologically, the tight integration of HBM and EUV lithography forces upgrades across equipment, materials, and advanced packaging—boosting TSMC (Taiwan, China)’s pricing power in CoWoS. On compliance, U.S. export controls raise near-term costs but accelerate Micron’s diversification into India and Japan, mitigating geopolitical concentration risk. Competitively, Samsung and SK Hynix may resort to price wars, yet HBM’s technical complexity has raised entry barriers substantially. Over the next 12–24 months, as AI server adoption crosses critical mass, memory will become the primary bottleneck in compute stacks, potentially transforming Micron from a cyclical play into a structural growth asset—though fragmented data sovereignty regimes threaten supply chain efficiency.