Micron Is Spending Like It Can’t Afford to Lose
The stock is down from $461.7 to $380.7 as of March 25, 2026. That’s not a crash — it’s a 17% pullback from a peak hit less than three months ago. But the price action is doing something interesting: it’s telling a different story than the income statement, and the gap between those two things is where the actual trade lives. Here’s the primary signal. Micron’s capex-to-revenue ratio jumped from 33.4% in FY2024 to 42.4% in FY2025. That’s not incremental. That’s a company making a structural bet that the window to lock in AI memory capacity is short, and that being late is worse than being overleveraged. Revenue hit $37.4 … Read more