Deep-dive (research/MU-2026-09-12.md): Memory supercycle is real per filings — FY2026 Q3 10-Q shows revenue +346% YoY, gross margin 85% (vs 38% Q3 FY25), DRAM ASPs +~260% YoY, driven by AI/HBM demand outstripping supply; Micron now signing multi-year take-or-pay strategic customer agreements management says will sustain above-peak-cycle margins. But trailing P/E ~128x (FY2025 EPS $7.59) and P/E on 5yr avg EPS ~307x show most of the re-rating is already priced in; forward P/E on annualized 9M-FY26 EPS run-rate (~$55/yr) is a much more reasonable ~18x IF current pricing holds. Technicals: daily uptrend intact (price>SMA50>SMA200) but stock is -22% off 52w high ($1255) and consolidating $930-1040, RSI neutral (53). View: constructive but medium confidence given cyclical history (FY2023 was a net loss year) and rich trailing multiple. Watch FY2026 Q4 print (due ~late Sep/early Oct 2026) for confirmation ASPs/margins are not rolling over; invalidation = gross margin deceleration Q/Q or break of SMA50 (~$929) on volume.