The more AI scales, the more memory the world needs.

Competitors like SK hynix are seeing demand that is still running above available supply.

That is part of the reason memory stocks have been so incredibly strong along with the rest of the AI infrastructure basket.

However, most of them are pretty extended at this point. But Micron still offers a reasonable entry point here.

The Setup:

• AI demand continues driving massive need for DRAM, NAND, and HBM

• HBM supply remains tight

• Earnings estimates keep moving higher

• Breakout into new highs