MU is a strong buy; Agentic AI creates permanent memory demand while the stock remains undervalued with a forward P/E under 8.

And Micron is the American side of the memory trade with 18% of the HBM market and 23% of overall DRAM. Their revenue more than tripled year-over-year and they report earnings at the end of September.

This will be the first memory earnings call since Astro was announced, making it a good leading indicator for compute demand in the era of AGI. So stay tuned for my coverage on that.

Even though both stocks are up huge this year already, they still trade at a forward price to earnings ratio of under eight. That's because Wall Street still treats demand for memory as cyclical.

But everything I've researched says that Agentic AI makes that demand permanent, which means memory stocks are still a great way to get rich without getting lucky.

Micron and SKHEX make about 68% of the world's high bandwidth memory combined.