Micron: 'We Are Absolutely in a Bubble'

Hosts remain bullish on Micron at ~5-6x earnings, calling AI memory a bubble that likely still has years to run before supply catches demand.

• Margin transformation: Micron's gross margin has swung from below 0% (Apple bargained them down in past troughs) to roughly 85% now, with revenue up 350% YoY.
• Structural pivot via SCAs: 16 strategic customer agreements, with ~$100B in minimum contracted revenue across 14 of them; a growing share of the contracts carry fixed or semi-fixed pricing (Brad's description) above prior-cycle peak margins, and SCAs are set to reach ~50% of revenue.

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