1. Micron's growth in the HBM market is positive, but the management's market share outlook of ~20% is a negative surprise; 2. The main positive surprise in Q4 was better gross margins due to cost savings in DRAM production and better HBM yields; 3. Micron still trades at a premium compared to its memory peers, raising doubts about its overall outperformance.

1. Micron has seen a significant sell-off despite improved operating results. 2. Historical analysis indicates the stock has room to run. 3. With the memory cycle upswing driven by increasing HBM sales, Micron is a strong buy.