Ashva Capital Management LLC on Micron Technology

Micron is Ashva Capital's largest position because the fund believes the economics of the historically cyclical memory industry may be becoming structurally more attractive. AI is driving enormous demand for HBM, conventional data-center DRAM and NAND while HBM itself consumes disproportionate wafer capacity and new fabrication capacity takes years to build. Strategic customer agreements with take-or-pay provisions and customer deposits are increasing visibility into future volume, pricing and returns on new capacity, potentially reducing the severity of future memory downcycles. Micron's earnings and free cash flow have inflected sharply while its valuation still assumes significant mean reversion. Ashva therefore believes normalized earnings may ultimately settle materially above historical levels, creating an asymmetric opportunity where business quality, earnings power and predictability are improving simultaneously.