Minotaur Global Opportunities Fund on Micron Technology, Inc.

Minotaur believes Micron benefits from the same structural memory shortage underpinning its broader thesis: AI demand is rising faster than supply and new capacity is constrained before 2027. The company has roughly $100 billion of contracted revenue at minimum prices under take-or-pay agreements, supported by substantial customer deposits and commitments. Those contracts can limit upside during spot-price spikes, but Minotaur believes they also create a meaningful floor under the cycle. The fund had trimmed Micron in June for concentration reasons rather than because the thesis changed. After the July deleveraging drove the stock well below Minotaur's last sale price, the fund began adding back.