New York, June 2, 2026, 08:04 EDT
- Micron last traded at $1,035.50, putting the memory-chip maker’s market value near $1.18 trillion.
- Raymond James lifted its target to $1,100, more than twice its old level. D.A. Davidson and UBS also raised their targets.
- Next up is Micron’s fiscal Q3 earnings, set for June 24.
Micron Technology stock stayed above $1,000 in early trading Tuesday, keeping up a surge that has put the memory-chip company among the top AI plays on Wall Street. Shares last traded at $1,035.50, putting the company’s market cap near $1.18 trillion. That follows Micron’s finish above $1,000 for the first time.
AI demand is moving past Nvidia’s chips and into memory, making the sector matter now. High-bandwidth memory (HBM) is stacked to move data fast across AI chips, while DRAM runs as the main memory in PCs and servers. “Micron sits at the center of it,” Art Hogan, chief market strategist at B. Riley Wealth, told Reuters. Reuters
Micron grabbed attention late Monday as it announced at Computex in Taipei plans to show new memory and storage for AI data centers and edge gear. Sumit Sadana, the company’s chief business officer, said AI context lengths are up 30 times year on year, adding, “system performance is now driven by memory bandwidth and memory capacity.” Micron Technology
Micron is getting a price target hike. Raymond James analyst Melissa Fairbanks bumped her target to $1,100 from $530, sticking with her Outperform rating before Micron’s earnings on June 24. The firm cited long-term demand, tight supply, and strong prices.
D.A. Davidson’s Gil Luria took a more bullish line, lifting his target on Micron to $1,500 from $1,000. Luria said HBM’s bigger place in data center builds and longer deals with customers are moving memory away from its old status as a commodity. UBS set its own target at $1,625 last week—the highest out of 46 brokerages tracking Micron, per LSEG numbers cited by Reuters.
SK Hynix, Samsung Electronics and Micron control most of the HBM market. SK Hynix took 58% of the global share in the first quarter, with Samsung and Micron both at 21%, according to Counterpoint Research data reported by Reuters.
Micron’s supply is still at the center. The company says all of its 2026 HBM is already sold out, with Reuters reporting its HBM4 line is now in production. In prepared remarks from March, Micron said volume shipments of its HBM4 36GB 12-high started in the first quarter of calendar 2026, targeting Nvidia’s Vera Rubin platform.
SK Group Chairman Chey Tae-won on Tuesday said SK Hynix plans to “double the whole capacity over the next five years.” Samsung, for its part, has started shipping HBM4E samples and displayed a mock-up of what it calls a future HBM5 chip. Reuters
That’s the risk too. A bearish note from Seeking Alpha on May 31 said that capital spending across the sector and new mega-fab buildouts from top DRAM names could start to end shortages and hit prices by 2028 or 2029. Chey has also said “excessive price increases” might damage the bigger AI space. Seeking Alpha
Micron is trading like a bottleneck play for now. The fiscal third-quarter numbers are due June 24. Investors will look for signs that tight supply and AI server demand can support profit estimates that have been climbing while the stock kept rising.
