Jim Cramer on Micron: "It Could Be Worth Buying Even Up Here, You Know, If It's Down For a Day"

Micron Technology, Inc. (NASDAQ:MU) is one of the stocks Jim Cramer shared his take on. Cramer noted the stock’s massive gains in the first month of the year, as he said:

This is something I haven’t talked about to you. It’s a huge part of the story. There’s a new group of tech stocks in town, and they are sucking up money from the rest of the sector, from the Seven, and these are prosaic, boring companies. They’re storage plays. I have been talking about the storage plays as a warning sign because they’ve rallied so far, so fast. But there are tons of investors who love to chase hot stocks, and if they want to buy a Sandisk or a Seagate or a Western Digital or a Micron, wow, the best plays in storage, they gotta sell something… Consider Micron, a very good semiconductor company. You know, we talk about them all the time, makes storage components. Stock’s up 39% since the beginning of January… What you’re seeing right now is the great transference. For the first time since the creation of Magnificent Seven back in March of 2023, these stocks have become donors to the market capitalization of these storage companies… Even up here, Micron’s not expensive on a price-to-earnings basis, but we don’t know how long the memory shortage will last. I think it could last some time. So it could be worth buying even up here, you know, if it’s down for a day.

Micron Technology, Inc. (NASDAQ:MU) develops memory and storage solutions, including DRAM, NAND, and SSD products, under the Micron and Crucial brands.

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Disclosure: None. This article is originally published at Insider Monkey.