After a single-month surge of 77%, Micron's price-to-earnings ratio remains less than half that of NVIDIA. - Moomoo

Micron Technology surged 77% in May, marking its strongest monthly gain in nearly 40 years. Despite this significant rally, its forward P/E ratio remains below 10 times—less than half that of NVIDIA—h... Read original →

Micron’s 77% monthly surge reflects a fundamental repricing of memory’s role in AI infrastructure—not speculative froth. Tight integration of HBM with NVIDIA GPUs has transformed DRAM from a commodity into a performance bottleneck, prompting hyperscalers to lock in supply via multi-year contracts and dampen historical cyclicality. Technically, while EUV and 3nm aren’t yet mainstream in DRAM fabs, HBM3E/HBM4 demands unprecedented TSV yield and stacking precision, forcing upgrades across the packaging and equipment stack. Geopolitically, U.S. export controls now scrutinize HBM shipments, giving Micron an edge through its diversified manufacturing in Taiwan, China and Japan. Yet, new capacity from Samsung and SK Hynix coming online in 2027–2028 risks oversupply if AI server demand decelerates. Over the next 18 months, Micron’s sub-10x forward P/E remains unjustifiably low—pricing in outdated cyclical fears rather than its strategic leverage in the AI memory stack.