Micron Technology: A Cheap Buy Despite 311% Return Over Last Year

Micron Technology's stock is up 311% over the last year, driven by surging demand for AI memory. Despite recent returns, the company's valuation looks undervalued, with a 20x trailing P/E ratio compared to the tech-heavy Nasdaq-100's 35x average. Micron's recent Q2 results showed a 75% revenue increase and a 196% YoY increase, with all four business units delivering revenue growth and a gross margin of 74%. The company's forward P/E ratio of 7x is also significantly lower than Nvidia's 21x.