Micron Technology Inc. (NASDAQ:MU) is benefiting from the “best cycle anyone” has ever seen, according to Brad Freeman, co-host of Futurum Equities’ The Deep End podcast.
Cyclical Dynamics and Margin Expansion
Speaking in an episode released Sept. 28, 2026, Freeman stated that while memory markets are “absolutely in a bubble,” investors holding bullish positions in Micron are not done making money in the current cycle.
Freeman explained that Micron has historically operated as a deeply cyclical memory supplier, citing past downturns where key customer Apple Inc. (NASDAQ:AAPL) bargained Micron’s gross margins below 0%.
However, highlighting the sheer magnitude of the current upswing, Freeman noted that Micron has recently been growing revenue at roughly 350% year-over-year. This aligns with the company’s fiscal third-quarter (Q3) report, which showed a 346% revenue jump and gross margins expanding to nearly 85%.
Freeman stated that an immense supply-demand mismatch protects Micron’s earnings in the near term. While pointing to potential risks such as Nvidia Corp. (NASDAQ:NVDA) attempting to use less high-bandwidth memory per GPU or Apple requesting government waivers to buy Chinese memory, Freeman asserted that there is “way more reason to be optimistic right now than pessimistic.”
Freeman added that bulls should remain “paranoid and constantly looking over their shoulders” for signs that the fun times are over, but maintained that peak cycle collapse is not imminent.
Structural Demand and Upcoming Earnings
Co-host Shay Boloor outlined a structural bull case, stating that artificial intelligence has “structurally increased” the value of memory within the compute stack.
The hosts highlighted Micron’s transition toward multi-year Strategic Customer Agreements, which use a mix of price floors, ceilings and, in some cases, fixed pricing. The company expects approximately half or more of its revenue to eventually fall under the agreements once its planned SCA program is completed.
Boloor also highlighted a market valuation disconnect, asking why Dell Technologies Inc. (NYSE:DELL) commands 19 times earnings while Micron trades at roughly five to six times earnings.
Ahead of Micron’s earnings report scheduled for Sept. 30, Boloor noted that an accounting nuance involving a 14-week fourth quarter versus a standard 13-week first quarter could make sequential guidance appear light, though both hosts emphasized that memory supply will remain tight beyond 2027.
How Has MU Performed in 2026?
Price Action: At the last check, the MU stock was trading 1.47% higher in premarket on Tuesday. It was up 570.17% over the last year, 269.29% year-to-date, and 12.98% over the last month. The stock closed 2.6% lower at $1,053.98 on Monday.
Benzinga’s Edge Stock Rankings indicate that MU maintains a strong price trend in the short, medium and long terms, with a poor value score.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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