RESOLVING THE LEDGER
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Memory specialist Micron Technology (NASDAQ: MU) trades near $878 as of this writing, at about 20 times its trailing earnings but only about 6 times the earnings analysts expect over the coming year. Earnings are climbing so fast that next year's expected number dwarfs the trailing one. And the market is paying about 6 times for it because it assumes the good times end soon.
Memory has always worked that way: High prices attract new supply, and new supply ends the boom.
But last Friday, the supply that is supposed to end this one got a price tag and a schedule. SK Hynix committed about $38 billion to two new fabs -- and the first of them doesn't open a clean room until December 2028.
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