Overview
- Micron pushed past roughly $1,100–$1,200 per share this week, lifting its market capitalization above $1 trillion as a broad wave of analyst upgrades raised 12‑month targets into the $1,200–$1,750 range.
- The company says its high‑bandwidth memory (HBM) allocation is sold out through 2026, a scarcity that has driven sharply higher contract prices and near‑record gross margins for the quarter.
- Markets have priced a 'beat‑and‑raise' for Micron’s June 24 fiscal Q3 report, with consensus forecasts near $33.5 billion in revenue and roughly $19–$21 in adjusted EPS, and analysts warn any guidance shortfall could trigger a swift correction.
- Micron has secured strategic customer wins such as inclusion in Nvidia’s HBM4 lineup and supply agreements with AI cloud firms, while expanding U.S. fabs and capex to capture current demand that remains wafer‑constrained.
- Analysts caution that medium‑term risks are material because Samsung, SK Hynix and fast‑growing Chinese producers are adding capacity that could soften DRAM and HBM prices around 2027–2028, which would lower supplier windfalls and raise costs for device makers.