Micron Technology

Micron is the only US company manufacturing DRAM and NAND flash memory at scale — technologies that store virtually all the world's data and are as critical as CPUs to modern computing. The company is the primary beneficiary of the AI memory boom: high-bandwidth memory (HBM) chips, which stack DRAM directly on AI accelerators, commands 4x the price of standard DRAM, and Micron is shipping HBM3E to NVIDIA for H200 and Blackwell GPUs. Micron received $6.1B in CHIPS Act grants for US fab expansion in Idaho and New York. With $35B in annual revenue and a $140B market cap, Micron's cycle-adjusted earnings power is vastly underappreciated by investors who focus on its historically volatile pricing.