Micron Technology(NASDAQ: MU) stock has rocketed more than 755% in the past year. Memory chips are now one of the biggest, if not the biggest, bottlenecks in the artificial intelligence (AI) build-out. This has boosted memory prices and sent Micron's earnings soaring.
The stock's forward earnings multiple of 14 is expensive relative to Micron's historical trading range, where it usually trades at under 10 times forward earnings. But this higher valuation could still be attractive if the company can avoid past boom-and-bust cycles and deliver more sustainable growth. Management has a promising strategy to solve it.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Data may be delayed up to 15 minutes. Past performance is not indicative of future results. Consult a licensed financial advisor before making investment decisions.
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