UBS Calls Micron "Structural Reset" as HBM Squeeze Tightens
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- UBS projects a "structural reset" in Micron's earnings power, citing a tightening squeeze in HBM (high-bandwidth memory).
- Micron pared most of its losses even as other memory stocks reeled, with shares trading at roughly 6 times next year's earnings.
Why it matters: Micron's relative outperformance against declining memory peers signals investors are already partially pricing in an HBM-driven earnings inflection; UBS's "structural reset" framing reframes any upside as a multi-quarter power upgrade rather than a cyclical bounce, putting the ~6x forward-earnings multiple at the center of the valuation debate.
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