$Micron Tech(MU.US) just initiated with $493 PT, 12x 2027 PE, 80% EPS CAGR. Morgan Stanley’s Moore also cut to $450 but used “through-cycle valuation” — earnings power structurally lifted by AI. DDR5 spot 130% above contract, HBM sold out for 2026. This isn’t a cycle, it’s a regime shift.
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