Micron Has Surged 207% This Year. Brace for a Steep Pullback.

Micron Technology has surged 207% in 2026 driven by AI-driven demand for high-bandwidth memory (HBM) and tight memory supply. However, the article warns of a potential pullback as DRAM and NAND price increases are expected to slow significantly. While the company trades at a low 5.5x forward earnings multiple, this valuation may be misleading given the cyclical nature of the memory business and the risk that earnings growth could stall if memory price increases decelerate.