Overview
- Shares are up 44% year to date and roughly 315% over 12 months, with fresh price targets lifted to $450 at Morgan Stanley and $500 at Deutsche Bank.
- Fiscal Q1 2026 revenue rose 57% to $13.6 billion, DRAM made up 79% of sales, and net margin reached 28.15% on accelerating AI demand.
- CFO Mark Murphy says Micron can meet only half to two-thirds of some customer needs, pushing buyers toward multi‑year supply contracts.
- Pricing remains tight with reports of DRAM contract prices up more than 170% over the past year and DDR5 up nearly 500% since September 2024.
- Micron says HBM4 is already shipping and disputes reports it missed Nvidia’s Vera Rubin, while HBM4 and HBM3e supplies are sold out through 2026.