Aristotle Core Equity Fund on Micron Technology

Aristotle initiated Micron because it believes the memory industry has entered a structurally longer and stronger upcycle than the traditional two- to three-year cycle. Generative AI workloads consume far more memory, while HBM absorbs disproportionate wafer capacity and long-term hyperscaler agreements impose greater supply discipline. The fund expects the combination of secular demand acceleration and constrained supply to keep the memory market in deficit through 2027. Micron's growing HBM position, effectively sold-out 2026 output, improved customer agreements and strategic position as the only U.S.-headquartered pure-play memory producer reinforce the thesis.