New York, Feb 11, 2026, 18:01 EST — After-hours
- Micron jumped 9.9% to $410.34, after the CFO said shipments to HBM4 customers are now underway.
- Analysts rushed to lift price targets, zeroing in on squeezed DRAM supply as AI-driven demand takes center stage.
- Next up: traders are watching if the rally sticks through Thursday, with their focus shifting to Micron’s upcoming earnings report.
Micron Technology (MU.O) surged 9.9% Wednesday, with shares last trading at $410.34 after hours. The rally followed comments from CFO Mark Murphy, who confirmed the company’s next-generation high-bandwidth memory—HBM4—is already shipping to customers. “We have been in high volume production on HBM4. We’ve commenced customer shipments of HBM4,” said Murphy. 1
Why it’s getting attention: HBM, a stacked type of DRAM—dynamic random-access memory—runs right alongside AI processors and can push up margins when availability is limited. Investors haven’t waited to react; any signal that Micron is falling behind in qualifying or scaling this tech for major AI platforms has triggered sharp responses.
Micron listed the Wolfe Research Auto, Auto Tech and Semiconductor Conference on its investor page, noting the webcast would go live Wednesday morning. That drew attention to Murphy’s remarks on timing—and didn’t leave much space for ambiguity. 2
Morgan Stanley bumped up its price target on Micron to $450 from $350, sticking with its “Overweight” call, Barron’s reported. Analyst Joseph Moore highlighted the HBM supply chain, noting Micron should start supplying Nvidia by the second quarter, after SK Hynix handles the first. 3
Micron’s price target got a big hike from Deutsche Bank analyst Melissa Weathers, who moved it up to $500 from $300, according to StreetInsider. In a separate note, Weathers pointed out the AI surge is changing the memory landscape, possibly keeping DRAM supply squeezed through 2027-2028. She also warned that higher memory prices could dampen demand down the line. 4
At the Wolfe conference, Murphy dismissed recent negative coverage around Micron’s HBM position and told MarketWatch that HBM4 is ramping up faster than expected. He flagged robust AI-driven demand from hyperscalers—major cloud firms—and pointed out that tight supply is pushing prices higher. Micron, he said, remains cautious about adding too much capacity too soon and risking another supply glut. 5
Micron’s latest quarterly numbers were solid. Back in December, the company reported fiscal Q1 revenue of $13.64 billion, with non-GAAP diluted EPS landing at $4.78. For the fiscal second quarter, Micron set its revenue target at $18.70 billion, give or take $400 million, and pegged non-GAAP EPS guidance at $8.42, plus or minus $0.20. 6
Micron, for its part, had already flagged plans to ramp up fiscal 2026 capex to roughly $20 billion, aiming to meet surging AI data center demand and address tight memory supplies. The company’s top brass warned the shortage might drag on beyond 2026. 7
The trade’s messy. HBM ramps may stumble if yields—meaning the proportion of working chips—or customer qualifications falter. Memory cycles also reverse quickly when Samsung, SK Hynix, and Micron pour in fresh capacity during a softer economy.
Now, attention shifts to Micron and whether shares can hang onto Wednesday’s rally as Thursday trading gets underway. Investors are also keyed in on the HBM4 timeline—and if the company will lay out concrete figures on its upcoming earnings call. According to Yahoo Finance, Micron reports after the bell on March 18. 8
