Home Stock Ideas Long Ideas Tech  Summary Micron expects meaningful new industry memory capacity only after 2028, supporting prolonged tight supply and stronger pricing power. AI-driven demand for DRAM, NAND, and SSDs is outpacing supply, with new capacity unlikely before 2028, supporting higher pricing and utilization. MU’s financial profile has transformed, with nearly $12B operating cash flow, $7B free cash flow, and a 30% dividend increase reflecting earnings durability. At ~12.8x FY2026 and ~7.3x FY2027 EPS, MU’s valuation appears reasonable given its strategic position and extended earnings visibility. sankai/iStock via Getty Images Micron ( MU ) is now one of the most important players in the AI infrastructure sector. The reason is that hyperscalers desperately need HBM capacity ahead of anyone else's ability to manufacture it in meaningful amounts.…