The most important part of $MU earnings was the strategic customer agreement structure Micron is building around the business.
Micron has now signed 16 SCAs with 14 of them representing ~$100B of cumulative revenue at minimum contract pricing over the remaining term which shifts a huge portion of the business away from pure spot-market exposure and toward committed customer demand.
Thats why the multiple discussion needs to change because a memory company with no visibility deserves a commodity multiple but a memory company with customer deposits, minimum pricing and long-term supply commitments deserves more credit for earnings durability.