Smart investors already know that the artificial intelligence (AI) revolution has served as a generational bellwether for semiconductor stocks. Over the last few years, capital expenditure budgets from the hyperscalers have largely concentrated on buying graphics processing units (GPUs) from Nvidia and Advanced Micro Devices, as well as designing custom silicon with Broadcom.

Underneath the surface, however, rising infrastructure spend is beginning to fuel a supercycle in another area along the AI chip value chain: memory and storage.

Let’s dig into why Micron Technology (MU 0.60%) is a savvy stock to buy right now as…