Micron's Stock Price Has Corrected 30% From Its All-Time High. Is It Time to Buy?

Micron's stock has fallen 30% from its all-time high, but the article argues that a lower price doesn't automatically make it a bargain. The key question is whether the company's long-term earnings fundamentals have changed. While strong AI infrastructure spending from tech giants like Amazon and Alphabet continues to drive demand for advanced memory, investor sentiment has become more cautious about whether Micron's exceptional profits can be sustained. The investment decision hinges on whether Micron can grow profits significantly over the next five years or if current profits represent a peak in the memory cycle.