Micron trading at 21x sales. That's more than double its dot-com bubble peak of 10x.

Just let that sit for a second.

We're talking about a semiconductor company — cyclical, capital-intensive, commodity-ish products — being valued like it's a SaaS unicorn with 90% gross margins.

$MU isn't some magical AI story immune to supply/demand cycles. It makes memory chips. The industry has a long, painful history of boom-bust oversupply disasters.

Maybe this time is different. Maybe AI demand is so insatiable that Micron prints cash forever and justifies 21x sales.

Or maybe we're watching the same movie again, just with better special effects.

Valuation doesn't tell you what happens tomorrow. But it tells you a lot about what's already priced in — and what happens when expectations meet reality.