Former hedge fund manager Martin Shkreli has taken a short position in Micron Technology after the stock climbed roughly 280% this year on soaring AI-related memory demand. He previously said Micron could generate about $200 billion in earnings through 2027, but now focuses on the risk that expanded production by Chinese supplier CXMT and other manufacturers will eventually pressure prices. Shkreli said a near-term price decline would be surprising, while warning that lower prices would undermine the trade. His desk also holds a roughly $1 million long position in SanDisk against a much smaller Intel short. Market participants disagree on timing: Polymarket traders assigned about a 32% chance of Micron reaching $1,200 before September ends, while industry executives expect meaningful new supply may not arrive until 2028 or 2029. Micron is due to report fiscal fourth-quarter results after the close on Sept. 30, with Wall Street expecting adjusted earnings of $31.33 per share, compared with $3.03 a year earlier.