New York, June 17, 2026, 13:12 EDT
- Micron shares gained 3.3% to $1,054.62 during afternoon hours, putting the company’s market value near $1.20 trillion.
- Micron will report its fiscal third-quarter results on June 24, with the earnings call set for that date.
- Analysts hiked targets again as demand for AI memory chips remains strong, but concerns about rates and the cycle for memory chips still hang over the group.
Micron Technology Inc shares traded higher Wednesday, bouncing back along with other chip names. Investors shrugged off Tuesday’s drop in tech and are focused on next week’s earnings, looking for signs of demand for AI memory chips.
Micron shares rose 3.3% to $1,054.62 in afternoon trade, swinging between $1,015.26 and $1,075.44. The move lifted the company’s market cap close to $1.20 trillion.
This is relevant now as Micron is seen as a pure play on the AI hardware trade outside of processors. High-bandwidth memory, or HBM, the stacked memory chips built to supply data faster to AI processors, has shifted Micron from a standard cyclical memory name to one of Wall Street’s most-watched AI suppliers.
Micron scored fresh $1,500 price targets from Deutsche Bank, TD Cowen, and Cantor Fitzgerald since Friday, Barron’s said. Deutsche Bank’s Melissa Weathers boosted her estimates, citing “strengthening industry demand dynamics,” but held to her Buy call. Barron’s
TD Cowen’s Krish Sankar pushed his target up to $1,500 from $660, and RBC’s Srini Pajjuri took his target to $1,200 from $525, Dow Jones/MarketWatch reported via Tiger Brokers. Sankar pointed to agentic AI demand boosting buyers’ confidence that pricing power can last into the back half of next year. Pajjuri mentioned “stronger pricing and volume assumptions.” Tiger Brokers
Micron will post its fiscal third-quarter earnings on June 24, with a call set for 2:30 p.m. Mountain time. That earnings date is now the next clear catalyst after the recent run-up, which left shares open to some profit-taking.
Micron talked up its numbers back in March. The company reported fiscal Q2 revenue of $23.9 billion, a 196% jump from the same period last year. For the fiscal third quarter, Micron projected revenue of $33.5 billion, give or take $750 million, and said adjusted earnings would be $19.15 a share, give or take 40 cents.
Micron CEO Sanjay Mehrotra said in March that AI had “fundamentally recast memory as a defining strategic asset.” Micron said supply for both AI and traditional server demand was held back by tight DRAM and NAND availability. DRAM is dynamic random-access memory for short-term computing. NAND is flash storage used for data retention.
Micron wasn’t the only one up. The iShares Semiconductor ETF jumped 3.3% and Broadcom added 5.3%. Nvidia was off by 0.1%. Chipmakers bounced after Tuesday’s decline, according to Reuters, though the Nasdaq Composite edged lower late morning.
Macro risk remains in the market. Investors awaited the first Fed decision under Chair Kevin Warsh. Jack Ablin, chief investment officer at Cresset Capital Management, told Reuters he thinks the Fed will likely stay put and not change rates this year. Rising rate forecasts can pressure high-growth stocks by cutting what investors are willing to pay for future earnings.
Micron is flagging the old memory cycle risk with a new twist. The company warned in its recent quarterly filing that if HBM demand slows and suppliers return capacity to standard DRAM, the market risks an oversupply and lower prices. In its March prepared remarks, Micron also noted that the outlook didn’t include any effects from trade or geopolitical issues.
