Micron Technology, Inc. remains a (cautious) long despite recent volatility and cyclical concerns, supported by robust AI-driven demand. MU's strategic customer agreements (SCAs) now cover $100 billion in minimum contracted revenue and $22 billion in commitments, reducing cyclicality and boosting margin visibility. Supply-demand conditions for DRAM and NAND are expected to remain tight beyond 2027, with the memory cycle unlikely to peak before 2028.