Micron Technology, Inc. (NASDAQ: MU) is heading into Friday’s session perched near record highs, even after a choppy day for AI‑linked tech stocks.
On Thursday, December 11, 2025, Micron shares closed around $258.46, down about 2% on the day, before recovering to roughly $260.12 in extended trading, a modest after‑hours bounce of about 0.6%. [1]
Despite the pullback, Micron remains up more than 200% in 2025, having recently tagged a new 52‑week (and record) high near $264.75, making it one of the top‑performing stocks in the Nasdaq 100 this year. [2]
Here’s what happened after the bell on December 11—and what traders and investors should know before the market opens on December 12, 2025.
1. How Micron Stock Traded on December 11, 2025
Regular session
- Closing price: ~$258.46, down 1.99% from the prior close around $263.71. [3]
- Intraday range: roughly $251.55 to $262.85, reflecting elevated volatility as AI‑related names swung with broader tech sentiment. [4]
- 52‑week range: about $61.5 to $264.7, underscoring just how far the stock has run in this AI memory upcycle. [5]
Zacks notes that Micron has gained roughly 213% year‑to‑date, compared with about 30% for the broader Zacks Computer & Technology sector and ~87% for its “Computer – Integrated Systems” industry group. [6]
After‑hours move
After the closing bell, Micron’s extended‑hours quote climbed to around $260.12 as of 4:23 p.m. ET, a modest rebound that leaves the stock only a few dollars below Wednesday’s record close just under $264. [7]
There was no company‑specific breaking news after the bell, so the after‑hours uptick looks largely like bargain‑hunting and position‑adjusting following a sector‑wide wobble in AI names rather than a new fundamental catalyst.
2. Why Micron Fell Today: Oracle’s Shock and an AI Sentiment Check
Thursday’s weakness in Micron came less from Micron itself and more from Oracle’s ugly earnings reaction.
- Oracle stock plunged nearly 14% after reporting revenue below expectations, despite big new AI‑related deals with Meta and Nvidia. [8]
- That sell‑off dragged down AI‑exposed tech stocks, including Micron, AMD and Broadcom, and helped pull the Nasdaq lower even as the Dow and S&P 500 finished at record highs. [9]
For Micron, this was more a sentiment shock than a story change. Oracle’s results stirred fresh chatter about an “AI bubble,” but the demand picture for high‑bandwidth memory (HBM) and advanced DRAM—Micron’s wheelhouse—remains extremely tight, according to multiple Wall Street reports today. [10]
3. Fresh Wall Street Calls: Price Targets Keep Marching Higher
If you only looked at today’s red candle, you’d miss that Thursday was one of Micron’s most bullish analyst days of the year. Here’s a quick rundown of key notes hitting the tape on December 11:
TD Cowen: Still a Buy, Watching Valuation Risk
- Rating: Buy
- Price target:$275, reiterated. [11]
- Thesis: TD Cowen expects a “strong beat” versus Street estimates in the upcoming earnings report, driven by higher memory average selling prices (ASPs), improving margins and tight HBM supply.
- The firm is above consensus with a February‑quarter EPS forecast of $5.38, and flags HBM4 qualifications and non‑HBM pricing visibility in 2026 as key near‑term drivers. [12]
- However, they also warn that Micron is trading at about 3× next‑twelve‑month book value, a level at which the stock has historically been vulnerable if it misses expectations. [13]
Citi, Deutsche Bank, Morgan Stanley: Targets in the $280–$325 Range
An Investopedia deep dive earlier today highlighted that: [14]
- Citi has raised its Micron target to $300 (from $275), expecting “significant beat and raise” potential as AI‑driven memory demand ramps.
- Deutsche Bank boosted its target to $280 (from $200), calling Micron “well‑poised to benefit” from structural shifts in the memory market.
- Morgan Stanley lifted its target to $325 (from $220), naming Micron a “top pick” thanks to unprecedented memory pricing strength and earnings leverage.
UBS, BofA, HSBC: From 295 to 330 on AI Memory Scarcity
Today’s TD Cowen note also recapped several recent moves: [15]
- UBS: Raised Micron’s target to $295 from $275, citing strong pricing in DRAM and NAND and forecasting continued contract price increases into late 2025.
- BofA Securities: Boosted its target to $250 from $180 but kept a Neutral rating, arguing the AI upcycle is powerful but much of the good news may already be reflected in the share price.
- HSBC: Initiated coverage with a Buy and a $330 target in November, pointing to Micron’s long‑term growth runway in AI data center memory despite near‑term volatility. [16]
Big Picture: Consensus Loves the Story, but Targets Lag the Price
MarketBeat’s aggregation of 37 Wall Street analysts shows: [17]
- Consensus rating:Buy (no Sell ratings, 34 Buy/Strong Buy, 3 Hold).
- Average 12‑month price target: about $232.97, implying ~10% downside from today’s price near $258–260.
- Target range:$84 to $338, highlighting how wide opinions are on where Micron sits in the cycle.
So while headline targets in the 280–330 range are grabbing attention, the average still trails the current share price, reflecting both the stock’s huge YTD run and the inherent cyclicality of memory.
4. Fundamental Backdrop: Earnings Momentum Into Q1 FY2026
What Micron just reported for full‑year FY2025
A Barchart roundup of Micron’s last earnings report shows: [18]
- FY2025 revenue: about $37.4 billion, up from $25.1 billion in FY2024—nearly 49% year‑over‑year growth.
- Non‑GAAP net income:$9.5 billion, versus $1.5 billion in the prior year.
- Non‑GAAP EPS:$8.29, up from $1.30—a massive earnings inflection as the memory downturn flipped into an AI‑driven boom.
Guidance for Q1 FY2026 (results due December 17, 2025)
Micron’s own guidance for the fiscal first quarter of 2026 (the report scheduled for December 17) calls for: [19]
- Revenue: about $12.5 billion ± $300 million.
- Non‑GAAP EPS: around $3.75 ± $0.15.
Wall Street has moved even higher:
- GuruFocus notes that consensus now sits near $12.8 billion in revenue and $3.90 EPS, almost double year‑ago earnings levels. [20]
Seeking Alpha’s newly upgraded Strong Buy thesis emphasizes that: [21]
- Micron’s forward non‑GAAP P/E has compressed to about 14× as earnings estimates surged, even after a ~180% YTD rally.
- Q1 FY2026 could deliver triple‑digit EPS growth, with guidance implying gross margins around 51.5% and revenue growth near +47% YoY.
- HBM supply is fully contracted through calendar 2026, and management expects free cash flow to rise significantly despite planning $18 billion in FY2026 capex.
In other words, estimates have run even faster than the share price, which is why some analysts argue the stock’s valuation now looks cheaper than it did several months ago, despite it trading at all‑time highs. [22]
5. Strategy Shift: Exiting the Crucial Consumer Business to Feed AI Demand
One of the most important Micron headlines this month, which continues to shape the investment story, is the company’s exit from its Crucial consumer brand:
- In a December 3 press release, Micron announced it will exit the Crucial consumer business, ending sales of Crucial‑branded memory and storage at retail and e‑tail partners worldwide. [23]
- Crucial shipments through consumer channels will continue until the end of fiscal Q2 (February 2026), and warranty support will remain in place.
- Micron will continue Micron‑branded enterprise products for commercial channel customers. [24]
The rationale is explicitly AI‑driven:
“The AI‑driven growth in the data center has led to a surge in demand for memory and storage. Micron has made the difficult decision to exit the Crucial consumer business in order to improve supply and support for our larger, strategic customers in faster‑growing segments,” said Chief Business Officer Sumit Sadana. [25]
This aligns with Reuters’ reporting that Micron’s HBM revenue in the August quarter nearly reached $2 billion, an annualized run‑rate near $8 billion, underlining just how central AI data centers have become to the company’s growth. [26]
For investors heading into Friday and beyond, this pivot means:
- More exposure to higher‑margin AI and data center memory,
- Less exposure to lower‑margin, more cyclical consumer products,
- But also greater dependence on a single macro theme—the durability of the AI infrastructure boom.
6. Today’s Headlines: “Rising Star” and Poster Child of the AI Memory Super Cycle
News flow on December 11 painted Micron as one of the central winners of the AI infrastructure build‑out:
- Investopedia highlighted that Micron stock has gained over 200% in 2025, calling it one of the hottest AI plays and noting the stock is now the top performer in the Nasdaq 100 this year. [27]
- Zacks flagged Micron’s new 52‑week high at $264.75, its Zacks Rank #1 (Strong Buy), and favorable growth and valuation metrics, concluding that shares could still have room to run despite the big rally. [28]
- A MarketBeat feature, “Beyond the Magnificent 7: Meet 3 of Tech’s Rising Stars,” framed Micron as the “scarcity play” in AI memory, arguing that inventory is effectively locked up for 12–24 months and that the AI “super cycle” is making memory less cyclical than in past decades. [29]
- A GuruFocus note, echoed on TradingView, emphasized that multiple analysts now expect a major Q1 beat, with HBM capacity essentially sold out for 2026 and DRAM pricing still climbing. [30]
The meta‑message: Micron has become a core way to play AI infrastructure, not just another memory stock.
7. Options Market Watch: Heavy Put Volume Into Friday
One under‑the‑radar signal today came from the options pit.
A Nasdaq report on “Noteworthy Thursday Option Activity” showed: [31]
- About 119,000 Micron option contracts traded today—representing ~11.9 million underlying shares, or nearly 47% of Micron’s average daily share volume.
- The standout line was the $250 strike put expiring Friday, December 12, 2025, with 5,951 contracts traded, representing ~595,000 shares of notional exposure.
This kind of activity can mean:
- Hedging by investors who’ve ridden Micron’s massive uptrend and want protection near $250,
- Short‑term speculation on a pullback toward that strike price, or
- A mix of both, especially with weekly options expiration on Friday.
For Friday’s open, traders should keep in mind that heavy open interest around the $250 level could act as a short‑term “magnet” or support zone, depending on how futures and AI sentiment evolve overnight.
8. Key Things to Watch Before the Market Opens on December 12, 2025
Here’s a concise checklist for MU watchers heading into Friday’s session:
1. Overnight Tech & AI Sentiment
- Oracle’s plunge rattled confidence in the “never‑ending AI spend” narrative and weighed on AI‑related names like Micron today. [32]
- Watch index futures and large‑cap AI leaders (Nvidia, AMD, Broadcom) in pre‑market trading. A continued rebound there could support Micron at the open; renewed weakness could extend today’s pullback.
2. Where Micron Trades Versus After‑Hours Levels
- As of Thursday evening, MU was hovering around $260 in extended trading, slightly above the regular‑session close. [33]
- If global headlines stay calm, this zone may act as the initial reference point for Friday’s open—but pre‑market flows can change quickly, especially in a headline‑driven AI tape.
3. Options Expiry Gravity Around $250
- The concentrated put activity at the $250 strike expiring Friday suggests many traders are focused on that level into the close of this week. [34]
- If selling pressure re‑emerges, $250 could be a key battle line; if the stock holds well above it, it would signal solid dip‑buying demand despite the huge year‑to‑date rally.
4. New Analyst Notes or Estimate Revisions
- With Micron’s earnings call on December 17 now less than a week away, any fresh preview notes, target hikes, or estimate revisions could move the stock disproportionately. [35]
- Thursday already brought a flood of bullish commentary (TD Cowen, UBS, Zacks, etc.); more could follow, especially if macro volatility calms.
5. Macro Backdrop: Post‑Fed Environment
- This week’s Fed rate cut helped push the Dow and S&P 500 to record highs, easing financial conditions that generally favor growth and AI infrastructure plays like Micron. [36]
- If long‑term yields drift lower again overnight, that’s another tailwind; an abrupt jump in yields could pressure high‑multiple tech names, Micron included.
9. Longer‑Term Outlook: Opportunity vs. Cycle Risk
Putting it all together, Thursday’s news and price action leave Micron at an interesting crossroads:
Reasons bulls are optimistic:
- Explosive earnings momentum into FY2026, with triple‑digit EPS growth expected near term. [37]
- AI memory scarcity, with HBM effectively sold out for 2026 and DRAM/NAND prices still rising. [38]
- A strategic pivot away from lower‑margin consumer toward AI data centers and enterprise customers via the Crucial exit. [39]
- A wave of price target hikes into the $280–$330 range and an overwhelmingly Buy‑skewed analyst rating distribution. [40]
Key risks to keep in mind:
- The stock’s massive 200%+ YTD run means expectations are sky‑high; even a “good” earnings report on December 17 could disappoint if it’s not good enough. [41]
- Consensus price targets still sit below the current share price on average, suggesting some analysts think Micron is ahead of itself relative to the cycle. [42]
- Memory markets remain inherently cyclical, and rivals like Samsung and SK hynix are ramping capacity; a future oversupply could eventually hit pricing and margins, even if 2026 remains tight. (This is a widely discussed structural risk inferred across analyst commentary.) [43]
For short‑term traders, Friday’s open will likely hinge on whether today’s AI jitters cool off and how options positioning interacts with the $250–260 band.
For long‑term investors, Thursday’s newsflow largely reinforced the thesis that Micron has become a pivotal AI infrastructure stock with multi‑year earnings leverage—but at a price that demands careful attention to cycle timing, risk tolerance, and diversification.
References
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