$Micron Technology(MU)$ $Direxion Daily MU Bull 2X Shares(MUU)$ $GraniteShares 2x Long MU Daily ETF(MULL)$ $Micron Technology(MU)$ $GraniteShares 2x Long MU Daily ETF(MULL)$ $Micron Technology(MU)$ Bears seem to be fighting the wrong battle here.
It's true Korea just announced around $3.5 trillion in new memory capex, and Meta is selling excess compute. The market took both as oversupply signals, but Nomura argues that's backwards thinking.
Building new fabs takes years, not quarters. Korea's Yongin cluster was announced 9 years ago and still won't reach small-scale production until late 2027. The capex headlines spooking traders today won't add a single bit of supply until 2028 or later.
At the same time, makers are shifting capacity to high-margin HBM, which squeezes supply for everything else. Meta freeing up compute isn't weakening underlying demand; cheaper compute pulls in more AI workloads, which in turn means more memory demand, not less.
So the setup appears to be a shortage now, with relief years away. That's the part the bears might be missing on MU.
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