Key Highlights

  • Four AI and software infrastructure names screen below a P/E of 20 with six-month gains of 88.52% to 159.02%: Micron, Super Micro, Nutanix and PagerDuty, per published market data as of October 7, 2026.
  • Micron (NASDAQ:MU) leads on size with a USD 1.23 trillion market cap and a 14.7 P/E, after fiscal fourth quarter Revenue of USD 54.23 billion reported on September 30, 2026.
  • Super Micro (NASDAQ:SMCI) trades at a P/E of 13.6 on thin margins, while the Nutanix multiple of 14.3 rests on GAAP profit and its non-GAAP multiple is near 36 times.
  • PagerDuty (NYSE:PD) has the lowest P/E at 7.7 and the weakest growth, with revenue up only 0.8% in the quarter reported August 27, 2026, so its rally leans on margins and buybacks.

Micron (NASDAQ:MU): Record Memory Earnings

Micron (NASDAQ:MU) reported fiscal fourth quarter 2026 results on September 30, 2026. Revenue was USD 54.23 billion against USD 11.32 billion a year earlier, non-GAAP gross Margin was 87.0% and non-GAAP EPS was USD 33.42. Guidance for the first quarter of fiscal 2027 is revenue of USD 61.5 billion, plus or minus USD 1.5 billion. Published market data shows a price of USD 1088.62, a market cap of USD 1.23 trillion, a P/E of 14.7, a three-month gain of 7.09% and a six-month gain of 159.02%. The price and market cap are consistent with about 1.13 billion shares outstanding, by simple arithmetic. The risk is cyclicality: margins near 87.0% leave more room to fall than to rise if memory pricing softens, and Capital spending reached USD 27.37 billion in fiscal 2026. Chief executive Sanjay Mehrotra said AI is becoming Super Intelligence and that memory enhances it. The company also declared a Dividend of USD 0.15 per share, payable October 29, 2026, and repurchased USD 650 million of stock in fiscal 2026. Published market data lists a 52-week high of USD 1,255.00, about 13% above the screener price by simple arithmetic.

Super Micro (NASDAQ:SMCI): Margin Rebound

Super Micro (NASDAQ:SMCI) reported fiscal fourth quarter 2026 results on August 11, 2026. Revenue was USD 11.1 billion, GAAP gross margin rose to 17.5% from 9.9% in the prior quarter, and non-GAAP EPS was USD 1.70. The company guided fiscal 2027 revenue to USD 65.0 billion to USD 72.0 billion, compared with USD 39.1 billion in fiscal 2026. Published market data shows a price of USD 44.56, a market cap of USD 29.28 billion, a P/E of 13.6, a three-month gain of 55.01% and a six-month gain of 88.52%. The low price to sales ratio of 0.8 reflects thin margins, since full-year GAAP gross margin was only 10.8%. The risk is that the 17.5% quarter proves to be a one-time mix benefit rather than a new baseline. Simple arithmetic on the midpoint of guidance gives USD 68.5 billion, about 75% above fiscal 2026. Shares were reported up 5.48% to USD 39.67 on August 13, 2026, and several banks were reported to have raised targets after the report. Component Supply and customer concentration remain further risks.

Nutanix (NASDAQ:NTNX): Recurring Revenue Growth

Nutanix (NASDAQ:NTNX) reported fourth quarter fiscal 2026 results on August 26, 2026. Revenue was USD 757.1 million, up 16%, and annual recurring revenue was USD 2.55 billion, up 16%. Fiscal 2026 free Cash Flow was USD 840.7 million. Fiscal 2027 guidance is revenue of USD 3.180 billion to USD 3.230 billion and free cash flow of USD 850 million to USD 950 million. Published market data shows a price of USD 73.95, a market cap of USD 20.01 billion, a P/E of 14.3, a three-month gain of 40.03% and a six-month gain of 103.72%. The P/E matches GAAP EPS of USD 5.17, but non-GAAP EPS was USD 2.04, which implies about 36 times. The risk is that growth slows after a doubling in the share price. The company also said it added more than 3,000 new customers in the quarter, bought back USD 483.5 million of stock during fiscal 2026 and has a USD 750 million buyback increase approved on May 27, 2026. A price to book ratio of 28.5 points to a small Equity base.

PagerDuty (NYSE:PD): Cash Flow Without Growth

PagerDuty (NYSE:PD) reported second quarter fiscal 2027 results on August 27, 2026. Revenue was USD 124.4 million, up 0.8%, annual recurring revenue was USD 501 million, free cash flow was USD 32.8 million and GAAP Net Income was USD 4.7 million. Fiscal 2027 guidance is revenue of USD 491.5 million to USD 496.5 million and non-GAAP EPS of USD 1.33 to USD 1.37. Published market data shows a price of USD 15.39, a market cap of USD 1.21 billion, a P/E of 7.7, a three-month gain of 57.20% and a six-month gain of 152.30%. Activist investor rumors were reported in May 2026 but remain unconfirmed. The risk is stalled growth: with revenue nearly flat, the rally depends on margins and Buybacks rather than expansion. Non-GAAP Operating Margin was 23.7% in the quarter, and cash and investments totaled USD 470 million. Simple arithmetic on the guidance midpoint of non-GAAP EPS of USD 1.35 puts the stock near 11 times. The company is small, so share moves can be sharp, and the May rumors may never materialize.

Where Things Stand

These four stocks look cheap and are surging because Earnings grew faster than share prices, or in PagerDuty's case because cash flow and buybacks lifted a depressed valuation. Micron (NASDAQ:MU) and Super Micro show AI hardware Demand in reported numbers. Nutanix (NASDAQ:NTNX) and PagerDuty show software infrastructure at very different growth rates, 16% against 0.8%. In the latest quarter, Super Micro (NASDAQ:SMCI) also posted the thinnest margins of the group. Low P/E ratios can mislead when profit is cyclical or non-GAAP profit is far smaller, so each multiple needs its own context. This is information, not a recommendation. Upcoming items include Micron's dividend payment on October 29, 2026 and next-quarter reports from all four companies, with dates still to be set.