Micron Supercycle & Valuation Discount

Micron stock at ~$970, forward P/E 6.2x vs 66.6% ROE and $100B contracted revenue. Hedge fund accumulation rose to 154 funds (from 137). Analyst targets $1,500-$2,200. Central paradox: record AI-driven demand vs falling stocks on oversupply fears. Institutional conviction high (Bessemer +1,361%, $10B ETF inflows). Bearish counterpoints include CXMT threat, price-fixing lawsuit, falling AI token prices, and Apple's lobbying for cheaper memory. Morgan Stanley's 25% Q3 price hike forecast reinforces supercycle.