New York, February 20, 2026, 16:50 ET — After-hours
- Micron tacked on roughly 2.6% after hours, following a choppy session.
- Investors are still lumping memory makers in with “AI infrastructure” names, rather than just viewing them through the lens of chip cycles.
- Next up for gauging AI appetite: Nvidia reports earnings on Feb. 25.
Micron Technology, Inc. tacked on $10.69, gaining 2.6% to end at $428.17 in late Friday action. The stock traded in a band from $413.16 up to $430.46 during the session.
Money keeps sliding out of the dominant AI “hyperscaler” names and showing up in the suppliers building the backbone—chips, storage, all the physical gear that powers those new data centers. “Our goal is that every time someone like Meta or Amazon invests in a data center, the cash registers ring across our portfolio,” said Adam Patti, chief executive of VistaShares. His AI infrastructure ETF lists Micron among its largest holdings. (Reuters)
Stocks finished up Friday, following the Supreme Court’s decision to overturn President Donald Trump’s global tariffs. That move eased trade tensions, at least for the moment, although Trump soon suggested a new, short-term 10% global tariff using different legislation. “Today is a removal of some uncertainty, and we’re on to the next phase,” said Mike Dickson, head of research and quantitative strategies at Horizon Investments. (Reuters)
Chip traders are watching closely as premium memory prices edge higher. According to a Barron’s-cited report, Samsung Electronics is gearing up to launch its next HBM4 chip at a 20% to 30% markup over the previous generation. That move, traders say, signals stronger pricing leverage for the handful of HBM suppliers—Micron, Samsung, and SK Hynix. (Barron’s)
Reuters Breakingviews highlighted that data-center investment could approach $800 billion in 2026, with memory stocks rising on bets that supply will stay tight. The column underscored SK Hynix’s strong position in high-bandwidth memory, noting the market’s increasing attention to which companies can actually deliver volume—not just those touting impressive roadmaps. (Reuters)
High-bandwidth memory, or HBM, stacks DRAM right up against an AI processor, driving faster data movement. That’s a key bottleneck in today’s AI servers. It helps explain why Micron’s stock has started to behave less like it’s following a typical PC-memory cycle, and more like a leveraged play on data-center investment.
Back in December, Micron surprised investors with a bullish outlook—projecting results that blew past analyst forecasts and bumping up its 2026 capex target to $20 billion, citing ongoing supply constraints. “AI-related demand remains the biggest driver for Micron,” Summit Insights’ Kinngai Chan said then. (Reuters)
The pressure is on. Earlier this month, Samsung announced it has already shipped HBM4 chips to customers. It’s also targeting the release of HBM4E samples in the latter half of 2026, a sign of just how fast new hardware is following the roadmaps. (Reuters)
But memory rarely comes without strings. It’s a cyclical business; ramping up capacity too quickly can turn tight supply into a glut. Should AI data-center budgets soften or customers start pushing back on contract prices, Micron’s shot at premium margins could lose its shine in a hurry.
All eyes shift to Nvidia now — the company reports on Feb. 25, and investors are zeroed in on its guidance and whatever CEO Jensen Huang says about customer demand. “It’s hard for Nvidia to surprise when everyone expects it to surprise,” said Marta Norton, chief investment strategist at Empower. At the same time, S&P Global Visible Alpha’s Melissa Otto flagged that with forecasts all over the map, the stock “not that cheap” if the bears have it right. (Reuters)
