MU - Micron Technology

Described as the second-largest memory company in the world and a core holding across all three ETFs; host notes its shares are up triple digits and is positive on its role in the AI memory ecosystem, though he does not give a standalone buy call.

Listed on his stock sheet as potentially 28% undervalued based on his intrinsic value calculation.

One of only three HBM makers, sold out through 2027. Revenue up 346% YoY with 85% gross margin. Trades at only ~7x forward earnings. Top Ziptrader 25 pick and still cheap even if earnings are cut in half.

Explosive growth from $4B to $40B revenue, ~85% gross margins, DRAM/HBM demand outpacing supply, cheap ~6x multiple, potential buybacks starting December 9, Wall Street target implies 66% upside.

Host's top conviction name. Believes memory demand will stay extremely high for multiple years, base case $2,000, bull case $3,000, and that Micron will buy itself back if the market won't. Putting new money here and adding on dips; also notes Micron doubling HBM capacity to close gap with Samsung/SK Hynix.

Title references a 'Huge Micron Upgrade'; framed as a top AI stock. Host notes Micron is still under $950 and had wanted to discuss memory as a bottleneck but the technology/power theme dominated. Implicitly constructive on memory demand.

Micron is on sale.

Steve is diversifying into Micron as a higher-risk/higher-beta name while avoiding adding to Nvidia. Both hosts say Micron is undervalued, though they acknowledge high downside potential in a downturn.

Record earnings, explosive memory pricing, Nvidia's increased commitments, long-term customer deals, and potential share buybacks make Micron a compelling long-term investment.

The physical world (robots, self-driving cars) will require a ginormous amount of memory, and Micron is 'just getting started' implying significant upside from AI-driven memory demand.