Down 23%, Is Micron Still a Millionaire-Maker Stock?

Micron Technology’s shares are down about 23% from an all-time high of $1,213 reached on June 25, as investors question whether the generative AI-driven memory boom can last. The stock has risen roughly 1,200% over the past five years, but sentiment is shifting amid worries about competition and the durability of high margins. The article highlights that generative AI made high-bandwidth memory a bottleneck for large language models, boosting Micron’s performance; third-quarter revenue surged 346% year over year to $41.5 billion, and the company reported a gross margin of 85%. Still, with a forward P/E multiple around 6, the stock trades at a discount, implying investors may expect normalization. The piece notes memory chips face commoditization and historically have seen boom-and-bust cycles, making moat concerns central to the debate.