This is going to happen with the memory stocks as well. They're going to have to start seeing their margins compress and that will take out these massive premiums.

if you look at past cycles on Micron, the high of the cycle is where the PE is lowest. Meaning that when everyone has the highest earnings potential, like all their earnings, their forward earnings are going to be the best, that's when it's priced as high as it is because as soon as the margins compress, what happens? Their earnings go down and their PE goes up.