This is a stock that makes memory. Memory is a commodity, and there are a lot of producers. Now that the pandemic is over, and people don't want laptops any longer, the demand for memory is going to slump. Perhaps.

The problem is that it's making lots of money and has a good retun on equity.

Not sure what Fleck is worried about. The chart looks crap ...

Bear thesis: memory chips are a commodity. There are many manufacturers, so at best Micron can get a boring return on capital. Now the pandemic rush to buy PCs is over, it will be hit by declining demand, which is not good for a very capital-intensive business.