Micron has posted an extraordinary 673.8% one-year return, driven by surging HBM and DRAM demand for AI servers. Both growth (A+) and profitability (A) sit at the top grade, placing it squarely in the middle of the memory chip supercycle.

Remarkably, despite that massive run-up, valuation still grades B (~23x P/E) — a reasonable range — meaning earnings have been growing nearly as fast as revenue. Still, memory semiconductors are a classic cyclical business, and it's always worth remembering that profits can reverse sharply once oversupply sets in.