The headline (https://www.cnbc.com/2026/08/31/why-is-micron-so-cheap-ai-rally-leader-has-the-third-lowest-valuation-in-the-sp-500.html) asks the right question and gets the wrong answer. Yes, $MU posted in net income on in revenue ( net margin—elite). But the cash conversion story is more nuanced than the accrual narrative suggests. Annual OCF of vs. NI of shows tight tracking, not deterioration.

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