Micron just reported its strongest quarter ever.
Revenue for the quarter to 3 September rose 379% YoY to $54.2 billion. The GAAP gross margin hit a record 86.8%, while net cash reached $68.3 billion.
Yet the share price has barely moved in recent weeks, so its valuation multiples have collapsed. In this deep dive, I ask whether that cheap valuation is an opportunity or a sign that the memory cycle is near its peak, looking at Micron's Multi-model Signal, fundamentals, valuation and chart technicals.
Micron isn’t in our Systematic Portfolio, but it’s too interesting to overlook.
Housekeeping: A gentle reminder that I'll be travelling from tomorrow until next Wednesday. I will publish the Systematic Portfolio posts every day as usual, but I won’t be able to deliver the weekly video, macro comments, or deep dive while travelling. Many thanks in advance for understanding.
DISCLAIMER: This newsletter is strictly educational. Any information or analysis in this note is not an offer to sell or the solicitation of an offer to buy any securities. Nothing in this note is intended to be investment advice and nor should it be relied upon to make investment decisions. Any opinions, analyses, or probabilities expressed in this note are those of the author as of the note's date of publication and are subject to change without notice.
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