Perplexity boss Aravind: Micron ($MU) will surpass Meta in market cap within 6-12 months, and that's just a conservative estimate. UBS directly raised Micron's price target to $1,625, which means its market cap is heading toward $1.8 trillion, overtaking both Meta and Tesla in one go. Micron has surged nearly 1,000% over the past year, and now it's less than $250 billion behind Meta. Software models are constantly in price wars and getting rapidly commoditized, but the real money is being made at the physical layer. The logic is simple: HBM memory prices have skyrocketed 5x in 18 months, and Micron's 2026 production capacity is already fully locked in with long-term contracts. The next big breakout point is AI Agents. Every time a robot runs an automated task, it executes dozens of compute cycles, each one putting massive pressure on high-bandwidth memory. Micron's Q3 gross margin guidance has been raised directly to 68%, and management is even eyeing 81%. Their projected quarterly revenue now exceeds the total annual revenue of any year before 2024.