Micron: Exploiting The Overlooked Structural Alpha (NASDAQ:MU)

Editor's note: Seeking Alpha is proud to welcome Vega North as a new contributing analyst. You can become one too! Share your best investment idea by submitting your article for review to our editors. Get published, earn money, and unlock exclusive SA Premium access. Micron: Exploiting The Overlooked Structural Alpha Summary Micron Technology (MU) has transformed from a cyclical commodity player into a structurally defensible leader in the memory semiconductor oligopoly. MU's Q4 FY25 results showed record-high gross (46%), operating (35%), and net (31%) margins, driven by high-margin HBM and limited price competition. The company's hybrid EUV and deep ultraviolet lithography strategy, capital efficiency, and accumulated expertise create a widening moat against competitors. Fair value for MU is estimated at $251.12, offering 43.9% upside, with risks mitigated by diversified HBM demand and a fast-follower innovation approach. Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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