美光被低估，由于云资本开支繁荣和长期供应协议降低周期性，其股价有超过56%的上涨空间至1473美元。

The next AI stock with significant upside potential is Micron. I calculated the fair value of this company at $1473 . The current market price is $941. Therefore, considering this difference , I calculate a potential upside of over 56% for Micron over the next 12 to 18 months.

Micron's obvious upswing factor is the capital spending boom from ultra-large- scale cloud computing companies in the United States . These are companies like Amazon, Microsoft, Alphabet , and MetaPlatforms, which together will spend more than $800 billion on capital expenditures in 2026. That estimate will rise to $1.3 trillion in 2027. So, there has been a huge and massive increase in capital spending for several consecutive years now, and 2027 is expected to see another huge increase.

We don't know enough about 2028 yet, but Micron has informed investors several times that they have signed several strategic customer agreements that extend beyond 2030 . Therefore, investors have a little information about what will happen after 2027, but not much.

This leads us well to Micron's biggest downside factor , which is cyclical volatility. Certainly, business is booming now, but what will happen to business when these companies feel comfortable building their own data centers, and when they feel they have enough? What will happen to Micron's sales? Will it collapse sharply, or will it simply stop growing significantly, while maintaining the levels it has achieved?

Strategic customer agreements have been mentioned, giving investors a slightly better view of the company's long-term sales. A management team said the semiconductor industry is changing a little and will become less volatile because they have a better view of sales figures for several years into the future, as customers interact with Micron more frequently and plan for the long term. Whereas previously the plans covered only one year, these customers now feel the importance of supplies so much that they are reaching out to Micron and signing agreements to secure supplies for several years to come. Therefore, the Micron management team stated that this makes the work less risky; Because they have a clearer view of sales not just for the next year, but for three or five years beyond, which allows them to plan more effectively. They can adjust their available production capacity more effectively, thereby making the company's business less vulnerable to cyclical fluctuations. Not entirely immune to economic cycles, the semiconductor industry will always be linked to some kind of cyclicality due to its close connection to the growth of the sector. But at least it won't be as severe as it was in the past, because the entire ecosystem is planning years in advance instead of just looking forward to a near-term sales boom.

Of course, we will know a lot more about the artificial intelligence sector when Micron announces its quarterly financial results at the end of September.