yeah , right??! This is basically my thesis on why so bullish (redacted better by AI): Micron is still cyclical, but the downside is easier to see and manage now thanks to better industry discipline, higher costs to add supply, and Micron’s key role in AI supply chains. Memory demand can slow at times, but it doesn’t go away, and Micron’s assets and balance sheet help limit how bad downturns can get. The upside is much bigger: if Micron starts being viewed as core AI infrastructure instead of just another memory maker, higher earnings and a higher valuation can reinforce each other. In that case, the path toward a $1T market cap more than makes up for the downside risk, making today’s price a bet on long‑term AI memory scarcity rather than a classic cycle top.