$Micron Technology(MU)$ Intel, Micron, and Nvidia are standing out right now, but according to KeyBanc, the bigger story might be that the semiconductor cycle itself is still in its early innings.
The way they see it, this cycle isn't close to peaking. Historically, once shipments move above trend, the upcycle tends to run for more than 2 years, or about 8.5 quarters. Right now, we're only just starting to see that shift, which suggests the broader recovery, especially outside of AI, hasn't fully played out yet. Add in the steady buildout in AI infrastructure, and the cycle could stretch through at least 2027.
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