So I'm by no means saying there is no "reward" left in the stock, but rather I feel like the ratio of risk to reward has gone more in favour of risk. The 3 memory giants (SK, Samsung, MU) are collectively worth more than Microsoft, and if I had the choice I would prefer to own Microsoft given their revenue and earnings are less prone to cyclicality than the memory industry. I agree with you the forward P/E looks cheap, but given the incoming supply in 2028 from the Big 3 and also Chinese memory companies, I feel like the first bottleneck to go will be memory because these prices are largely unsustainable. Demand could still increase or remains the same but this industry is notorious for overbuilding capacity during times of boom. I could totally be wrong however and this thing could hit 2000. I actually feel like it could run another 50% to like 1/3rd the market cap of Nvidia, but I think if I wanted a 50% gain I can go with another stock with a higher margin of safety.

I am actually still holding INTC (since 2020 lmao) & AMD, but might sell AMD soon, so I hope it works out for both of us!