News Summary

• (NASDAQ: MU ) fell 7% to $940.76 on August 19 amid a semiconductor selloff as rising bond yields increased scrutiny of highly valued AI stocks.
• Even after the reversal, the shares have more than tripled in 2026.
• The question is whether those contracts have made the memory cycle durable enough to support a valuation whose staying power depends heavily on sustained AI demand.
• The bull case is that the five-year take-or-pay structure, which management described as unprecedented for the industry, can make this upturn more durable.