$Micron Technology(MU)$   Micron Technology (MU) Investment Thesis Micron Technology faces moderating memory price increases as supply and demand rebalance, but AI data center demand remains robust. MU's gross margins are supported by long-term supply contracts, with 40% of revenue soon tied to fixed or capped pricing. Capacity expansions—including Idaho-1, Singapore HBM, and Tonglou—will drive the next growth phase starting FY'27 amid industry-wide supply increases. Key risks include labor negotiations in Taiwan, potential customer inventory build-ups, and margin sensitivity in non-data center segments. Dell (DELL) COO captured this sentiment, noting that some public sector customers have fixed budgets and will