Micron Technology share price grew by more than 200%, What’s the play here for long term Investment!

Micron Technology which was trading in $70s share price in early 2025 suddenly picked up pace in H2 2025.

Q1 2026 results are staggering compared to where they were two years ago. I’m trying to decide if this is a "buy and hold for 5 years" play or if I'm walking into a classic memory cycle trap.

Q1 FY26:
​Revenue: $13.64B (up 57% YoY)
EPS: $4.78 (blew past analyst estimates of $4.00)
​Free Cash Flow: $3.9B (highest in company history)
​The HBM factor: They’ve already sold out their entire calendar 2026 supply of High-Bandwidth Memory (HBM), including the upcoming HBM4.

​They just broke ground on the $100B New York mega-fab this month and are pulling in timelines for the Idaho fabs to 2027. They are spending money like crazy ($20B CapEx) to maintain their 20%+ share of the HBM market.

Their only direct competitors in the market are Samsung, SK Hynix and Kioxia.