The memory chip maker is securing its future with significant new contracts, but a recent price decline raises questions about its current valuation.

Micron Technology (MU) is in the middle of a bold attempt to rewrite its own story. For years, this was a classic boom-and-bust stock, riding the violent cycles of the memory chip market. Now, management is working to change that narrative, signing a wave of significant, multi-year Strategic Customer Agreements (SCAs) with its biggest customers. On its latest earnings call, the company announced it has signed 16 of these deals, which it expects will “fundamentally transform our business model.” These aren’t flimsy handshakes; management describes them as “take or pay…