Micron Technology, Inc.
Thesis
Gavin Baker identified generative AI as a significant driver for a memory super-cycle, predicting that memory and storage stocks would rebound. He noted that Micron has already seen a substantial increase in its stock price, reflecting this trend.
Did it work?
worked
confidence: high
The long thesis on a generative AI-driven memory super-cycle decisively played out: Micron returned +1002.5% over 31 months, a more than tenfold gain that far exceeds any reasonable rebound expectation. The predicted dynamic — AI demand driving a memory upcycle and a sharp re-rating of memory stocks — is clearly reflected in the price action. With the thesis catalyst confirmed and the return magnitude overwhelming, this is a clear win.