Micron stock: could a valuation rerating drive MU shares to $1,600?

Micron Technology stock (NASDAQ: MU) has surged 226% this year, powered largely by spectacular earnings growth as booming artificial intelligence demand has driven memory-chip prices higher. But the next phase of the rally could depend less on further earnings expansion and more on whether investors become willing to pay a higher valuation multiple for each dollar of Micron's profits.