Billionaire Prem Watsa’s Top 15 Long-Term Stock Picks

11. Micron Technology (NASDAQ:MU)

Number of Hedge Fund Holders: 107  

Fairfax Financial Holdings’ Stake: $8.3 million  

Micron Technology (NASDAQ:MU) makes and sells memory and storage products. The following highlights demonstrate why the company is a compelling investment opportunity. Firstly, as per the reports of the third quarter of 2024, revenue was $7.75 billion versus $6.81 billion for the prior quarter and $4.01 billion for the same period last year. Additionally, GAAP net income was $887 million, or $0.79 per diluted share and non-GAAP net income was $1.34 billion, or $1.18 per diluted share, indicating significant revenue growth and strong profitability, especially when adjusted for non-recurring items. Secondly, Micron signed a non-binding Preliminary Memorandum of Terms (PMT) with the US Department of Commerce for up to $275 million in funding under the CHIPS and Science Act to support Micron’s plans to invest approximately $2 billion over the next several years to expand and modernize its facility in Manassas, Virginia. This may hold investment potential as this project would onshore Micron’s 1-alpha technology to its Manassas facility, advancing US supply chain resiliency and creating over 400 manufacturing jobs and up to 2,700 community jobs at the peak of the project. Moreover, the company plans to break ground on a leading-edge manufacturing fab in Boise, Idaho, which would be the first new memory manufacturing fab in the United States in 20 years.