TechFlow news: On June 25, Deep Value Memetics published an analysis indicating that Micron Technology may currently be exhibiting an atypical semiconductor valuation structure: its earnings per share (EPS) are rising while its market-implied valuation multiple simultaneously expands.
Micron’s current P/E ratio stands at approximately 22x—below the S&P 500 (SPY) average of roughly 22x and significantly below the Semiconductor Index (SOX) average of approximately 26x. Historically, analysts typically assign lower valuation multiples during peak earnings phases. However, as the “de-risking” process advances, this “show-me” narrative—requiring empirical validation—is shifting, potentially ushering in a new phase where “EPS growth → expansion of valuation multiple” drives exponential re-rating. If EPS reaches $200 and a 20x multiple is applied, Micron’s stock price could target approximately $4,000.
