Is Micron still a good investment after its recent run-up, or am I chasing performance?

Micron has been one of the strongest-performing semiconductor stocks recently, and the stock has gained significantly over the past few months. It also jumped around 12% this past week, which makes me wonder whether the market is already pricing in most of the near-term AI and memory demand growth.

From what I’ve read, the bullish thesis seems to be centered around AI-driven demand for HBM memory, improving DRAM pricing, and Micron’s strong position in the memory market. On the other hand, memory has historically been a very cyclical industry, and large rallies have often been followed by periods of volatility.

**My question is whether investors here believe Micron still has meaningful upside from current levels, or whether the risk/reward has become less attractive after such a strong move. Are current earnings expectations and AI-related growth projections enough to justify further gains, or is the stock getting ahead of fundamentals?**

For those who follow the semiconductor sector closely, what metrics are you watching most right nowvaluation, memory pricing trends, AI demand, margins, or something else?

I’m considering starting a position but don’t want to buy solely because the stock has been performing well. I’d appreciate hearing both the bull and bear cases.