Micron Trades at 6 Times Next Year's Earnings. The $38 Billion of Capacity That Ends This Cycle Doesn't Open Until 2028.

SK Hynix committed about $38 billion to two new fabs -- and the first of them doesn't open a clean room until December 2028. Annualize that guided quarter alone and the stock trades at about 7 times earnings. M17 breaks ground in February 2027 and opens its first clean room in December 2028. Y2 doesn't break ground until July 2027, and its first clean room opens in June 2029. And a first clean room typically marks the start of equipping a fab, not the start of volume output.