Micron Technology has reached the stage of a stock rally where the numbers start looking as though someone accidentally added an extra zero. That is usually when I become suspicious. Micron shares have experienced extraordinary appreciation as artificial intelligence turned high-bandwidth memory from something most investors never discussed into one of the most strategically important components in the AI infrastructure buildout. The bull argument has been straightforward: Nvidia and other accelerator platforms require enormous amounts of increasingly sophisticated memory, supply cannot expand overnight, and Micron happens to be standing directly in the middle of that bottleneck with products customers desperately need. Wonderful. The slightly inconvenient part is that the stock market noticed. Micron had already risen roughly 270% in 2026 heading into its fiscal fourth-quarter earnings report, while some estimates put its one-year gain above 500%. That leaves me with a much more inter...