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Last October, I recommended buying Micron (MU) shares. At that time, the stock was trading around $200. My thesis was built on the fact that a memory deficit for AI infrastructure was approaching, and the company was at the very beginning of a structural transformation. Since then, the shares have grown more than fourfold, and the company's capitalization crossed a historical milestone of $1 trillion. My forecast came true, and those who listened received an excellent profit. But right now, when euphoria reigns on Wall Street, and money is pouring into the stock, I want to say the main thing: It's time to take your foot off the gas.
The market is committing a classic mistake. First, it undervalues the company for a long time, and then falls into a stage of mad revaluation, extrapolating a temporary success into infinity. Today, they are buying Micron as if it were the new Nvidia (NVDA), but this is a fundamental delusion.
