On the one hand, the bulls have a pretty strong case for Micron still being a great value, considering AI-driven demand has been relentless. Add the 5.6 times trailing price-to-earnings (P/E) multiple and the massive profits produced in this likely early (or maybe not?) structural buildout in AI data centers, and it certainly feels like the latest drop in Micron is more of a screaming buying opportunity than a cyclical peak. Some of the bigger bulls think Micron shares could be headed above $2,000 per share, as firms continue selling while commanding full pricing power. There are too many variables right here, even if you think Micron can capture even more share of the memory market from its two massive South Korean rivals at a time when so many firms are starting to really feel memory-starved.