Micron: Keep Calm And Party On

Micron Technology, Inc. delivered extraordinary Q3 results, with 346% revenue growth and a 1,215% YoY EPS surge, far surpassing aggressive expectations. Pricing power is unprecedented, driven by tight supply and AI-driven demand, resulting in gross margins expanding 46 percentage points YoY to 85%. Strategic Customer Agreements lock in multi-year, non-cancelable commitments, significantly reducing cyclicality and enhancing business resilience. Despite forward P/E expansion, MU stock remains deeply undervalued versus sector peers, justifying a reiterated Strong Buy rating amid robust growth and margin expansion.