Micron Technology

Best US-listed HBM pure-play running at 3x prior-year revenue with HBM sold out through 2027 — own it for the operating-leverage print into a memory super-cycle that consensus is still 12 months behind on. Micron is one of three companies on the planet that can manufacture leading-edge DRAM at scale — alongside SK Hynix and Samsung — and one of the four that still matter in NAND. Inside the AI stack the relevant business is High Bandwidth Memory: 3D stacks of 8 to 16 DRAM dies bonded vertically onto a logic base die, threaded with thousands of through-silicon vias that pipe data into a GPU at multi-TB/s bandwidths. Every Blackwell, every B300, every MI355X, every Trainium chip ships with HBM bolted onto its package. You cannot ship more AI silicon than you can ship HBM, and Micron is the only American name in that triumvirate.…