Micron Technology, Inc. (NASDAQ: MU) continues to be one of Wall Street’s most explosive AI infrastructure plays in 2025. The stock finished Friday’s U.S. session around $236.48, up about 2.7% on the day and roughly 170%+ year to date, powered by booming demand for advanced memory chips used in artificial-intelligence data centers. [1]
Fresh news and commentary published on November 29, 2025 focus on three big themes for Micron stock: a renewed price spike after Dell and HP confirmed rising memory costs, confirmation that the AI memory boom is real and tightening, and a still‑bullish Wall Street that is slowly starting to worry about how hot things have become.
Micron stock today (November 29, 2025): price, performance, and trading action
According to Smartkarma and exchange data, Micron’s latest close sits at $236.48, up $6.22 (2.70%) from the prior session, on volume of roughly 12.9 million shares, below its average daily turnover of about 23.7 million. [2]
Key Micron stock metrics as of the November 28, 2025 close:
- Last close: $236.48
- Daily move: +2.7%
- 52‑week range: approximately $61.54 – $260.58 [3]
- Market capitalization: around $260–270 billion [4]
- Trailing P/E ratio: about 30–31x, with a PEG ratio near 0.5, reflecting aggressive growth expectations [5]
- Beta: roughly 1.6, underscoring Micron’s volatility relative to the broader market [6]
Smartkarma estimates Micron’s year‑to‑date gain at about 173.6%, while Barron’s and MarketWatch similarly peg the rally at roughly 174% in 2025, making Micron one of the S&P 500’s standout winners. [7]
November has been rough for technology stocks overall—MarketWatch notes that only 18 of 84 major tech names posted gains for the month, with the S&P 500 information‑technology sector down about 4.8%. Yet Micron still managed a 2.9% monthly rise, alongside peers like Western Digital, which is up more than 250% in 2025. [8]
The takeaway: Micron is no longer a contrarian play. It is a high‑beta AI memory leader whose stock has already rerated dramatically, and whose daily moves react instantly to any new datapoint on chip demand and pricing.
Dell and HP confirm rising memory prices — and investors reward Micron
A central storyline in today’s coverage is how Dell Technologies and HP Inc. have inadvertently turned into pitchmen for Micron’s investment case.
Barron’s reports that Micron was the top performer in the S&P 500 on the Friday after Thanksgiving, gaining about 2.6% as investors processed Dell and HP’s latest earnings. Both PC makers highlighted higher memory component costs—a headwind for their margins, but a powerful confirmation that DRAM and NAND prices are climbing. [9]
Additional commentary flagged in today’s Smartkarma note underscores the same point: Dell and HP’s numbers “send a blunt message” that memory demand is surging, particularly in servers. [10] Morgan Stanley analysts, cited by MarketWatch, warn that surging memory prices could pressure OEM profits, even as they boost earnings for suppliers like Micron. [11]
Other pieces published today, including coverage on TipRanks and syndications of the Barron’s article, stress that Micron’s 174% year‑to‑date rise is rooted in very real fundamentals:
- Strong pricing power in DRAM and high‑bandwidth memory (HBM)
- Tight supply at leading-edge nodes
- A structural shift as AI servers pack far more memory content per system than prior generations [12]
For Dell and HP, more expensive memory is a cost problem. For Micron, it is the thesis.
Record fiscal 2025: Micron leans into the AI data‑center supercycle
Micron’s stock story would not work without earnings, and the numbers from fiscal 2025 are unusually strong for what has historically been a brutally cyclical memory business.
On September 23, 2025, Micron reported record fiscal Q4 revenue of about $11.32 billion, up roughly 46% year over year, with adjusted EPS of $3.03, about 6% above consensus estimates near $2.86. [13] Multiple outlets, including Investopedia and regional financial media, highlight that this marked the company’s third consecutive quarter of triple‑digit EPS growth, with earnings up more than 150% from the prior‑year quarter. [14]
Full‑year figures are equally eye‑catching:
- FY 2025 revenue: about $37.4 billion, up ~49% year over year
- Gross margin: expanded to roughly 41%, up around 17 percentage points from the trough
- Adjusted free cash flow: more than $3.7 billion for the year, despite heavy capital expenditure [15]
The mix shift tells the AI story. Management and multiple analyses note that data centers now contribute roughly 56% of Micron’s revenue, reflecting surging demand from AI‑focused cloud customers. [16]
Within that, Micron’s cloud‑focused memory business unit generated around $4.5 billion in Q4 revenue, more than doubling year over year, with a significant contribution from HBM and server DRAM. [17]
Looking ahead, Micron’s guidance is aggressively bullish:
- Q1 FY 2026 revenue guidance: midpoint around $12.5 billion, implying >40% year‑over‑year growth
- Guided EPS: roughly $3.75 at the midpoint, more than doubling from the prior year and above Street estimates at the time of the release
- Gross margin guidance: in the low‑50% range, a level rarely seen in past memory cycles [18]
In its annual communications to shareholders, Micron’s management described fiscal 2025 as a record‑breaking year, emphasizing all‑time highs in the data‑center business and a “most competitive portfolio” heading into fiscal 2026. [19]
HBM, Nvidia Blackwell and the heart of the AI infrastructure boom
Today’s news flow is also threaded through a larger narrative: Micron is becoming a core supplier to AI accelerators rather than just a PC and smartphone memory vendor.
Recent analysis highlighted by Simply Wall St and The Motley Fool explains that Micron’s latest HBM3E (high‑bandwidth memory) chips have passed Nvidia’s quality verification and will be used in Blackwell, Nvidia’s next‑generation AI GPU architecture. Micron has begun shipping HBM in volume to at least four major customers across both GPU and application‑specific (ASIC) platforms. [20]
A Nasdaq‑hosted article notes that Micron’s HBM revenue in fiscal Q4 approached $2 billion, implying an annual run‑rate near $8 billion, and that the company has already entered pricing agreements for a substantial portion of its 2026 HBM3E supply, expecting to sell out its entire 2026 allocation within months. [21]
The macro backdrop for this is extraordinary:
- The global HBM market is projected to grow from around $17 billion in 2024 to roughly $98 billion by 2030, with HBM’s share of DRAM revenue potentially rising from 18% to 50%. [22]
- UBS, cited in multiple reports, has raised its forecast for global HBM demand to around 28 billion gigabits by 2026, and says Micron is effectively fully booked on HBM supply through 2026. [23]
Put simply, Micron is no longer just selling commodity DRAM. It is selling scarce, high‑margin AI infrastructure.
Analyst sentiment: price targets race higher as credit outlook improves
Today’s coverage also pulls together a strikingly bullish Wall Street consensus.
MarketBeat’s latest snapshot, referenced in several November 29 write‑ups, shows: [24]
- Rating consensus: “Buy,” with
- 5 analysts rating Strong Buy,
- 26 issuing Buy ratings, and
- 4 at Hold.
- Average price target: about $216 per share, now actually below the current price after the recent rally.
- High targets: Morgan Stanley recently lifted its target to $338, while other firms such as Mizuho and Rosenblatt have also pushed their numbers well above $250. [25]
UBS, in a widely cited note earlier in November, raised its Micron target to $275, explicitly pointing to tight memory supply and the company’s fully booked HBM pipeline. [26]
Beyond equity analysts, S&P Global Ratings recently revised Micron’s outlook from Stable to Positive while affirming its BBB‑ credit rating, citing the company’s AI‑driven scale, improving margins and stronger cash‑flow profile. [27]
Smartkarma’s quantitative “Smart Score” framework paints a similar picture: Micron scores particularly high on momentum and resilience, with somewhat weaker marks on pure value metrics—exactly what you would expect from a stock that has more than doubled within a year. [28]
Risks: cycles, capacity decisions, and a frothy valuation
The tone of today’s news is optimistic, but not blindly so. Several pieces—in particular from MarketWatch, Yahoo Finance, and prior Forbes coverage—underscore that Micron’s rally comes with real risk. [29]
1. Memory is still cyclical.
A Seeking Alpha article last week described Micron as being “in the midst of an AI‑memory boom,” but noted that the stock had just fallen about 20% over five days (to around $207) before bouncing, even while remaining up roughly 146% year to date at that point. [30] That kind of whipsaw is what long‑time Micron watchers associate with past boom‑bust cycles.
2. Valuation risk.
With the shares in the mid‑$230s, Micron trades around 30x trailing earnings despite being a historically cyclical hardware name. MarketBeat’s fundamental snapshot shows a P/E in the low‑30s and a PEG ratio around 0.5, implying that the market expects high growth to persist. [31]
At least one discounted‑cash‑flow model published this month on Yahoo Finance pegs Micron’s “intrinsic value” closer to $100 per share, implying a substantial premium at current levels—though such models are highly sensitive to growth and margin assumptions. [32]
3. Heavy capex and project timing.
Micron has signaled plans for elevated capital expenditures in fiscal 2026 to expand DRAM and HBM capacity, a point some commentators say helped trigger the brief share sell‑off immediately after the blowout Q4 report. [33]
At the same time, trade‑press coverage indicates that the company has delayed construction of its planned $100 billion semiconductor complex in New York, pushing the opening of the first fab out to 2030. [34] That may be prudent capacity discipline—or a sign that management is walking a tightrope between near‑term opportunity and long‑term overbuild risk.
4. Insider selling and institutional churn.
MarketBeat data show that insiders sold roughly 409,000 shares (about $85 million worth) over the past three months, including sales by the CEO, CFO and other executives, even though insiders still hold only about 0.3% of the float. Institutional ownership sits near 81%. [35]
A separate filing summarized today from Elevation Point Wealth Partners shows that the firm cut its Micron position by about 25.9% in the second quarter, though many institutions have simultaneously increased their stakes. [36] After a 170%+ run, some portfolio rebalancing is inevitable, but the pattern is worth watching.
5. Macro and sector pressure.
Despite Micron’s outperformance, the broader tech tape has turned choppy. MarketWatch notes that Nvidia, Meta and other AI leaders have faced selling pressure in November, and that the tech sector overall fell nearly 5% this month. Micron’s position at the center of the AI trade means it is unlikely to be immune from any sustained risk‑off move. [37]
What to watch next: December 17 earnings and the next leg of the AI cycle
Micron has already circled its next major catalyst on investors’ calendars. The company will report fiscal Q1 2026 results on December 17, 2025, followed by a conference call that management says will be streamed via its Investor Relations site. [38]
Given today’s news and the past several weeks of volatility, the upcoming update is likely to focus on several key questions:
- HBM and AI data‑center momentum
- How quickly is HBM revenue ramping relative to the Q4 near‑$2 billion level?
- Is 2026 HBM supply now fully pre‑sold, and what does 2027 capacity look like? [39]
- Pricing and supply‑demand balance
- Are DRAM and NAND price increases accelerating or stabilizing after Dell and HP’s warnings about cost pressures? [40]
- Capex discipline and fab roadmap
- How aggressive will Micron be on 2026–2027 capital spending, especially in light of the New York fab delay and global subsidy politics? [41]
- Margin and free‑cash‑flow trajectory
- Can gross margins remain above 50% as capacity expands, or will incremental HBM supply gradually erode pricing power? [42]
For now, the market is treating Micron as a core levered bet on AI infrastructure—not just a commodity memory vendor. The stock’s performance in 2025 reflects that, and today’s news around Dell, HP and Wall Street price‑target hikes only reinforces the narrative of tight supply meeting insatiable demand.
At the same time, the very factors that have made Micron a star—booming AI‑driven demand, extreme pricing power and an enthusiastic analyst community—also make it vulnerable if the cycle turns, if capex gets mistimed, or if expectations simply drift too far ahead of reality.
For investors and traders tracking MU, the next few weeks into the December 17 earnings report will be a critical test of whether Micron’s fundamentals can keep up with its already spectacular share‑price trajectory.
References
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