Moreover, China is reportedly making advanced chipmaking equipment, which could threaten the dominance of South Korean and U.S.-based memory manufacturers, including Micron. At the same time, persistent concerns about the viability of the huge sums being spent by big tech companies on developing artificial intelligence (AI) infrastructure have also weighed on Micron stock.

So, Micron has been caught in a whirlpool of negative news lately, causing the stock to tumble. However, savvy investors should look past the noise and focus on the primary factor that has made Micron a multibagger investment over the past year or so -- the memory market's fundamentals.

So, even if Chinese memory manufacturers bring more supply to the market, undersupply is likely to persist. After all, shipments of personal computers and smartphones are taking a hit due to higher memory prices and limited supply, creating pent-up demand in these markets. So, Micron's addressable market remains robust, and that's precisely why the company's earnings growth is projected to remain strong over the long run.

So, savvy investors can consider using the recent pullback in Micron to buy more shares, as it trades at just 19.5 times earnings. The forward earnings multiple of 5.4 is even more attractive, indicating that Micron is extremely undervalued when the company's impressive growth potential is considered. All this makes this AI stock a no-brainer buy, especially given that it is showing signs of stepping on the gas again after an 18% pop on July 30.