Back In RangeLast week, in “Partying Like It’s Still Not 1999”, we wrote that Micron’s blowout earnings and guidance supported our argument that the current AI boom isn’t just a rerun of the dot-com bubble.⚡️ Partying Like It's Still Not 1999 ⚡️
Micron's extraordinary earnings report yesterday means the AI boom still has legs. $MU https://t.co/DSqngRT171
— Portfolio Armor (@PortfolioArmor) June 25, 2026The better AI-infrastructure names are producing real revenues, real earnings, and real demand signals. That’s a very different backdrop from 1999. At the time, we said we weren’t planning to chase Micron after its post-earnings run-up.Now the stock has pulled back.The pullback has been sector-wide. After a huge first-half run in AI hardware and memory names, investors have started rotating out of some of the biggest winners, helped along by renewed concerns about AI infrastructure spending and future overcapacity.That’s exactly why we waited. Micron’s earnings helped confirm the demand side of the thesis, but the post-earnings spike left the stock stretched. This week’s pullback has moved it back into our preferred entry range.Fundamentals Get A VoteWe’re not just looking at technicals here—we’re looking at fundamentals too.In “Fundamentals Get A Vote”, we wrote about why fundamentals matter more in a whipsaw market.🚨 The Fundamentals Get A Vote 🚨
