Yaomao
10-04

$Micron Technology(MU)$ I think what's holding this stock back is institutions looking at 2025 earnings only containing 10% HBM sales, but 33% of revenue is going into building more HBM capacity. The other 90% of earnings is a general DRAM and SSD revenue which is still perceived as highly cyclical. Hence, great earnings for the next 12 months or so are offset by spending all of those earnings on CAPEX that won't be in production for a couple of years. Good move as a company, not great for shareholders who look for 2 to 3 year profits. In a way better would be to build out far less HBM capacity and do that more slowly and organically.

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