Micron's Valuation AnomalyHowever, even with this operational momentum, a significant disparity exists between Micron's market valuation and its underlying profitability indicators. This disparity hints that the market views Micron as a legacy semiconductor manufacturer destined to experience immediate mean reversion. That said, assessing the company solely on historical cyclical trends ignores the multi-year commitments that back up Micron's cash flow. The Burry Bear Case Vs. the Structural MoatSkeptics argue that Micron's turbulent history warrants a long-term valuation discount. During the last downturn, the company's gross margin fell from 45.2% in 2022 to a mere 2.7% in 2023, showing how quickly semiconductor cycles can fall apart when end-market demand falls or global capacity overshoots.