If I already owned Micron, I would hold, but trim gradually rather than exit outright.

The bullish case remains intact:

HBM demand is still supply-constrained.

AI servers require far more memory than traditional servers.

Memory has evolved from a commodity into a strategic AI bottleneck.

Micron is one of the few companies capable of supplying leading-edge HBM at scale.

However, several warning signs are emerging:

A trillion-dollar valuation leaves less room for execution mistakes.

Expectations are becoming extremely optimistic.

Capacity expansions from competitors could eventually reduce scarcity premiums.

"AI stock outperforming NVIDIA" narratives often appear late in a cycle.

History shows that semiconductor leaders rarely move in straight lines. Even during strong secular upcycles, 20-30% corrections are common.

My approach:

No position: I would avoid chasing at all-time highs.

Small profit: Hold.

Large profit (100%+ gain): Consider trimming 10-30% and redeploying on pullbacks.

Long-term AI bull: Keep a core position because the memory story is not over.

The biggest mistake today may not be selling too early. It may be assuming AI memory demand will grow forever without cyclical pauses. Micron still has strong fundamentals, but the stock is increasingly pricing in near-perfect execution.