Micron Technology’s stock has climbed from $448 to a peak of $804 in the past month as investors piled into the chipmaker on surging demand for AI memory. The Micron share price now sits near $730, but some analysts say the rally may still have room to run.
The move has been driven by growing excitement around artificial intelligence and the role of DRAM and NAND memory chips in next-generation data centers. Hyperscalers have accelerated their investments in AI infrastructure, and demand for advanced memory solutions has risen to levels well in excess of supply. Micron’s products can feed the large volumes of data that GPUs and other AI processors need to train and run large language models, and that has given the company unusually strong pricing power.
That backdrop has turned a business long known for boom-and-bust cycles into one of the market’s most closely watched AI plays. The company is also investing heavily in next-generation HBM4E, a sign it wants to stay at the center of the build-out rather than merely ride the current wave. Analysts project Micron’s earnings for fiscal 2027, which begins in late August, to climb toward $103 a share.
Using the company’s current forward price-to-earnings multiple of about 12, a $103 fiscal 2027 EPS target would support a far richer valuation if the market decides to re-rate the stock. At a 15x multiple, that works out to a share price of about $1,500, or roughly 105% above Micron’s current price of around $730.
The tension for investors is that the memory-chip business has traditionally moved in cycles, with companies adding capacity when demand is hot and new factories taking years to come online. But the AI build-out is not a normal demand burst. Expanding AI workloads, autonomous vehicles, robotics and agentic AI could keep advanced memory tight for longer than the industry’s old playbook suggests. If that happens, Micron’s latest surge may be less of a spike than the start of a longer run.
