ProCap Insights · June 8, 2026
Micron is up 700% on a real memory shortage. Is it still a buy?
Micron has run 715% in twelve months while the Nvidia chips it feeds rose 47%, and the bull case rests on a real multi-year shortage.1 The problem is the price, where an 8x forward multiple on peak earnings is the signature of a cycle top, not a bargain.2