$MU’s alpha window still looks open because AI servers need more HBM, DRAM, and high-performance storage, while 2026 HBM supply is reportedly sold out and pricing remains tight. That supports the “locked-in” thesis.

But after the huge rally and trillion-dollar narrative, the easy re-rating may already be partly priced. The risk is not demand collapse, but cycle ceiling + expectation risk: if Samsung/SK Hynix add supply faster, or hyperscalers slow capex, MU can derate sharply.

Optical likely gets the next rotation, especially CPO/800G/1.6T networking names, because compute clusters need faster, lower-power interconnects. Power is the deeper bottleneck: if electricity becomes the constraint, investors may rotate into power, cooling, grid, and optical efficiency plays.

My stance: position in tranches, not chase full size. MU remains structurally bullish, but after a vertical move, I would keep dry powder for pullbacks.