Micron Technology (NASDAQ:MU) and Western Digital Corporation (NASDAQ:WDC) have both been transformed by the AI buildout, and both are effectively sold out. Micron has signed long-term supply agreements that run to the end of the decade, with customers putting down deposits to hold their place in the queue. Western Digital said on its August earnings call that one large customer has signed through calendar 2029, and that it is negotiating deals covering 2029 to 2031. The shares have followed. Micron is now worth about $1.24 trillion and Western Digital about $167 billion, after gains that would have looked absurd two years ago. What is strange is how differently the market treats them. Micron trades at roughly seven times expected earnings.
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