$Micron Technology(MU)$ INTC at 48x, MRVL at 78x, ARM at 134x.
Strip away the noise and just look at the setup.
One of these names is effectively sold out into 2026, potentially stretching into 2027, with pricing power expanding and margins hitting new highs—all while sitting at the most critical choke point in AI infrastructure: memory and bandwidth, the so-called "cognitive capacity layer."
Everything else in AI scales only if this layer scales.
And yet, on a relative basis, it's still trading at the cheapest multiple on the entire list.
That's where the market inefficiency is starting to stand out.
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