Memory is constantly dismissed as cyclical, but why don’t other semis get the same treatment?
Micron’s latest earnings were phenomenal, yet the stock barely moved. Nvidia, Broadcom, AMD, TSMC and ASML are all benefiting from the same AI buildout.
Yes, memory is cyclical, but so are many parts of semiconductors. And if AV, robotics and edge AI are the next major waves, memory should benefit too.
So is Micron still just a cyclical memory stock, or is AI structurally changing the business?
At current valuations, are you buying or avoiding?