I believe Micron Technology (MU), like Nvidia, is poised for a strong 2024 and beyond as AI becomes more prevalent in our daily lives. Micron's memory and storage products are essential for AI companies. Think about it. As these companies use and train AI models, they will need Micron to help provide them with the computing power and storage to complete these tasks. Thus, it makes sense that Micron is estimated to deliver monster earnings in both 2024 and 2025.
But more than that, Micron's chart is just screaming accumulation. The large gray volume bars on the weekly chart is not "Aunt Suzy" buying as the great William O'Neil would say. It's funds and institutions coming in to purchase the stock. The consistent support at the 50-day moving average is also a sign of institutional accumulation.
I currently own Micron and will be looking to add to my position should it set up again with a logical buy point.
Risk right. Sit tight.
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Full Disclosure: I currently own both Nvidia and Micron.
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