In recent years, Micron Technologies (MU) has transformed itself into a leader in the semiconductor industry. And despite industry challenges (such as competitive supply and demand cycles), the company has positioned itself for long-term success in memory and storage products. Micron has many moving parts (e.g. new products, value-add offerings, 5G impacts, cloud and AI), but also has a strong balance sheet and distinct competitive advantages. This report reviews the business, growth prospects, valuation, risks, and concludes with our opinion on investing.