Do you see Micron transitioning from a cyclical stock to a structural AI growth name?

MU has been strong recently and the move has clearly been driven by improving fundamentals rather than just sentiment.

From what we’ve seen so far Micron appears to be benefiting meaningfully from AI related memory demand particularly around HBM. The progress on HBM3E and early HBM4 sampling suggests MU may be executing well relative to peers especially in terms of timing and customer adoption. That said it’s still a competitive and capital intensive industry.

Valuation is where opinions seem to diverge. On one hand the stock is trading near all time highs which naturally raises questions about how much future growth is already priced in. On the other hand earnings growth expectations have increased materially as AI demand ramps and capacity tightens. If that demand proves durable the current premium could be justified by forward earnings rather than short term momentum.

What I’m still trying to assess is whether MU is genuinely shifting away from being viewed primarily as a cyclical memory stock and toward a more structural AI growth story or if it remains cyclical at its core with AI simply amplifying the upcycle.

I currently hold MU so I’m interested in how others especially long term holders are thinking about this transition and how they’re framing risk and upside from here.