Micron $Micron Technology(MU)$

Micron $Micron Technology(MU)$ looks like it could be one of the most undervalued names in the S&P 500 at the moment. It's rare to see a company in the index with both strong revenue growth and a low valuation. The expectation is for roughly 250% revenue growth this year, which is among the fastest rates. On a P/E basis, it still ranks as one of the cheapest.

The market is still pricing in the memory cycle and commodity concerns, but Micron's multi-year HBM contracts with minimum price protections seem to offer better visibility. The risk of China flooding the market with low-cost DRAM might be overstated. TrendForce forecasts DRAM contract prices could rise up to 20% in Q3 2026, and UBS and Nomura expect DDR contract prices to increase 30%-35% in the same period.

Separately, Micron announced plans to invest more than $250B in U.S. manufacturing through 2035, which seems to strengthen its long-term strategy.

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