Micron Technology just posted fiscal third-quarter earnings that, according to one of Wall Street’s more closely watched strategists, confirm what the market has been betting on all year: AI demand is real, it’s accelerating, and the companies building the memory infrastructure behind it are printing money.

Michael Browne, Global Investment Strategist at Franklin Templeton Institute, said Micron’s results validate the market’s enthusiasm. He added that a 10% pullback in the stock would represent a buying opportunity, not a reason to panic.

The numbers behind the narrative

Micron reported its fiscal Q3 earnings on June 24, with guidance that leaned heavily on the sustainability of AI-related spending. The market liked what it heard.

Micron’s stock has surged over 250% year-to-date, with some estimates putting the gain as high as 298%. The company has nearly quadrupled in value this year.

Total AI-related capital expenditures by major corporations are projected to surpass $700 billion in 2026.

Browne’s broader thesis

Back in January 2026, when broader market skepticism about AI valuations was louder, Browne publicly stated that he does not view AI as a bubble.

Browne’s framing of a 10% pullback as a buying opportunity suggests Franklin Templeton’s macro team views current valuations as justified by fundamentals, with any short-term dip creating an entry point rather than signaling a top.

Franklin Templeton’s expanding footprint

Just two days before Micron’s earnings report, on June 22, Franklin Templeton formally established Franklin Crypto as its dedicated digital assets division. That move followed Franklin Templeton’s acquisition of 250 Digital, a crypto-focused firm.

What this means for investors

Browne’s willingness to call a 10% dip a buying opportunity after a 250%-plus run suggests Franklin Templeton’s models see significant runway ahead. The $700 billion AI capex projection provides the macro scaffolding for that view.

Franklin Templeton is simultaneously doubling down on AI semiconductor exposure and building out its crypto division through Franklin Crypto, following the acquisition of 250 Digital.