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Inder's Desk

Research Notebook

The Micron Re-Rating

Micron’s price-to-book multiple previously peaked near 3.5x. Today it is approaching 10x. Has AI permanently changed memory economics?

Inder Sabharwal's avatar
Inder Sabharwal
Aug 10, 2026
∙ Paid

Micron’s MU 0.00%↑ valuation has broken out of its historical memory-cycle range. The stock approached 1x book near troughs and peaked around 3.5x during stronger periods. Today it trades near 10x after an 800% run this year. The market is pricing a future in which AI and HBM permanently change Micron’s earnings power and business quality.

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