Analyst Says Micron in 'Best Cycle Ever,' MU Bulls Can Still Profit Despite Bubble

According to Brad Freeman, co-host of Futurum Equities' podcast The Deep End, Micron Technology is benefiting from the best cycle "anyone" has ever seen.

Cycle Dynamics and Margin Expansion

In an episode released on September 28, 2026, Freeman said that while the memory chip market is "absolutely in a bubble," investors holding bullish positions in Micron can continue to profit during the current cycle.

Freeman explained that Micron has historically been a deeply cyclical memory chip supplier, citing past downturns where key customer Apple pushed Micron's gross margins below 0%.

However, highlighting the massive scale of the current upcycle, Freeman noted that Micron's recent year-over-year revenue growth is approximately 350%. This aligns with the company's fiscal third-quarter report, which showed revenue growth of 346% and gross margins expanding to nearly 85%.

Freeman stated that the massive supply-demand mismatch protects Micron's profitability in the near term. While pointing out potential risks, such as Nvidia attempting to reduce the amount of high-bandwidth memory used per GPU, or Apple requesting government exemptions to purchase Chinese memory chips, Freeman asserted that "there are far more reasons for optimism than pessimism right now."

Freeman added that bulls should remain "paranoid and vigilant" for signs of the good times ending, but he believes a collapse at the cycle's peak is not imminent.

Structural Demand and Upcoming Earnings

Co-host Shay Boloor outlined a structurally bullish case, noting that artificial intelligence has "structurally elevated" the value of memory in the computing stack.

Both hosts highlighted Micron's transition toward multi-year strategic customer agreements (SCAs) that combine price floors, price caps, and in some cases fixed pricing. The company expects that once its planned SCA program is complete, roughly half or more of its revenue will ultimately be covered under these agreements.

Boloor also pointed to a market valuation disconnect, questioning why Dell Technologies trades at a price-to-earnings ratio of 19 times while Micron trades at only about 5 to 6 times.

Ahead of Micron's earnings report scheduled for September 30, Boloor noted that an accounting quirk involving a 14-week fiscal fourth quarter versus a standard 13-week fiscal first quarter could make sequential performance guidance appear weak, though both hosts emphasized that tight memory chip supply will persist beyond 2027.

How Has MU Stock Performed in 2026?

Price action: As of the latest data, MU stock was up 1.47% in Tuesday pre-market trading. The stock has gained 570.17% over the past year, is up 269.29% year-to-date, and has risen 12.98% over the past month. The stock closed Monday down 2.6% at $1,053.98. Edge stock rankings show MU maintains strong price trends across short-, medium-, and long-term timeframes, but carries a poor value score.