Micron Technology shares closed at $1,016.59 on Friday, up 6.1% on the day and above the $1,000 level for the first time since August 17. Asian memory peers rose Monday: SK Hynix gained 8.3% and Samsung Electronics added 5.7% in South Korean trading.
The rally reflects AI-driven demand for high-bandwidth memory. Micron has returned roughly 1,313% over five years, compared with Nvidia’s 912%, and its market capitalization has climbed from about $104.2 billion at the end of 2021 to around $1.15 trillion. HBM demand is reportedly running at more than twice available supply, and Micron plans to double HBM wafer output to roughly 100,000 per month by year-end. The company generated record fiscal Q3 revenue of $41.46 billion, up from $9.3 billion a year earlier.
Micron’s fiscal fourth-quarter earnings report on September 30 is the next major test. Wall Street expects revenue of about $50.41 billion, up from $11.32 billion a year earlier, and adjusted EPS of $30.89, up from $2.84. Management has said the memory chip supply shortage is unlikely to ease until after 2027, but investors remain cautious about potential oversupply from new capacity and any weakening in AI spending.
Among current S&P 500 constituents, Sandisk and Comfort Systems rank higher over five years, but neither was an index member throughout the period, making Micron a more comparable established constituent. Despite the strong outlook, Micron trades near six times forward earnings. Its 52-week range sits between $128.40 and $1,255.00.
