Micron (NASDAQ: MU) stock defied today’s market sell-off to jump 3.5% through 3:40 p.m. — and for a reason that may surprise you.

In a note earlier this week, Canadian private equity shop Lynx Equity told investors that even though the SpaceX (NASDAQ: SPCX) IPO is over, and even after the space company’s shares are up 28% from Monday’s opening price, there’s still a way for investors to make money on the SpaceX IPO: by buying Micron (NASDAQ: MU) stock.

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SpaceX is flush with cash now

SpaceX made history last week, both scoring a gigantic valuation (currently $2.5 trillion — quite a lot for a space stock with no profits) and raising $80 billion in cash.

Next, SpaceX must figure out how to deploy all this cash to keep its growth going. Lynx thinks SpaceX will spend quite a lot of this cash on semiconductors.

While still mostly thought of as a “space company,” the tech giant that IPO’ed last week is actually more of an AI stock — as SpaceX demonstrated yesterday when it splashed out $60 billion in stock to buy Cursor. In time, some investors believe SpaceX’s AI business could be worth $30 trillion annually.

What this means for Micron

For SpaceX to come anywhere near fulfilling this dream, however, it’s going to need to build a huge AI business — and spend heavily on AI chips and the memory chips that support AI inference work.

This means more money flowing to Nvidia (NASDAQ: NVDA), for example (which is in fact Lynx’s favorite play on SpaceX), and also more money flowing to Micron (NASDAQ: MU) as well.

The best news of all? Even valued at 20x sales after this year’s run-up, Micron stock is still 6x cheaper than SpaceX!

Should you buy stock in Micron Technology right now?

Before you buy stock in Micron Technology, consider this:

The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Micron Technology wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.

Consider when Netflix made this list on December 17, 2004… if you invested $1,000 at the time of our recommendation, you’d have $424,531!* Or when Nvidia made this list on April 15, 2005… if you invested $1,000 at the time of our recommendation, you’d have $1,273,016!*