Micron Technology (MU) Stock on December 4, 2025: AI Memory Pivot, Crucial Exit and Fresh Wall Street Targets After ~180% YTD Rally

Micron Technology’s stock remains one of 2025’s standout AI plays. On December 4, 2025, shares of Micron Technology (NASDAQ: MU) closed around $226–227, down roughly 3% on the day, but still up about 180% year to date, giving the company a market cap near $255 billion. ^[1]

The move comes as Micron:

Exits its “Crucial” consumer memory business to free up supply for lucrative AI data‑center products. ^[2]
Lands a wave of analyst upgrades and price‑target hikes, including fresh targets as high as $300–$338 a share. ^[3]
Prepares for a record Q1 fiscal 2026 on the back of booming demand for high‑bandwidth memory (HBM) used in AI accelerators. ^[4]

Below is a detailed look at all the key Micron stock news, forecasts and analysis dated December 4, 2025, plus the very latest context investors are watching.

Micron Stock Today: Price, Valuation and Performance Snapshot

According to Google Finance, Micron closed at $226.65 on December 4, 2025, versus a prior close of $234.16, after trading in a daily range of $223.33–$234.16. Over the last 52 weeks, the stock has moved between $61.54 and $260.58. ^[5]

Key snapshot metrics:

Market cap: about $255B
Trailing P/E: ~29.9
Dividend yield: ~0.2%
YTD price performance: roughly +180%, driven by AI memory demand and a powerful turnaround in earnings. ^[6]

On the Frankfurt exchange (ticker MTE), StockAnalysis estimates Micron’s 2025 revenue at $37.38 billion (+48.9% YoY) and earnings at $8.54 billion (+~998% YoY), underscoring how violently its profitability has snapped back in the AI cycle. ^[7]

Breaking News: Micron Exits Crucial Consumer Memory to Double Down on AI

The biggest structural headline around Micron right now is its decision to shut down the Crucial consumer memory brand.

What Micron announced

On December 3, 2025, Reuters reported that Micron will exit its consumer business, halting sales of “Crucial”‑branded RAM, SSDs and other consumer memory products at retailers and distributors worldwide. Shipments will continue through February 2026, after which Crucial effectively disappears as a consumer brand. ^[8]

Key points from the Reuters and follow‑on coverage:

The move comes amid a global supply shortage in memory chips, spanning everything from commodity DRAM and NAND to advanced HBM. ^[9]
Micron wants to redirect that capacity to higher‑margin AI and data‑center products, where demand and pricing power are far stronger. ^[10]
Summit Insights’ analyst Kinngai Chan told Reuters that the consumer unit is not a major driver of Micron’s overall business, implying limited revenue impact but meaningful strategic benefits. ^[11]

Why this matters for MU stock

Shift from low‑margin consumer to high‑margin AI
Consumer DRAM and SSDs sold under Crucial are relatively commoditized and price‑sensitive. AI‑grade memory—especially HBM and data‑center DRAM—carries much higher margins and long‑term contracts with hyperscalers and GPU vendors. Reuters notes Micron has “long been shifting focus to its HBM business,” where it competes directly with SK hynix and Samsung. ^[12]
Pricing backdrop: DRAM is tightening fast
A Barron’s piece on December 4 frames the Crucial exit squarely as an “It’s all about AI” move, highlighting TrendForce forecasts for DRAM prices to jump 18%–23% in Q4 alone, with spot prices for some products tripling as suppliers prioritize AI‑related memory. ^[13]
Pressure on consumers, tailwind for shareholders
A widely‑shared PC Gamer article calls Micron’s decision “the RAM crisis just getting started,” estimating that roughly a quarter of global DRAM capacity is being redirected toward enterprise and AI workloads. That’s bad news for gamers facing higher RAM and SSD prices, but good for Micron’s margins and earnings power. ^[14]
Investor interpretation: short‑term noise, long‑term positive
Several analyses—including from Seeking Alpha and GuruFocus—argue that the Crucial exit shouldn’t be seen as a red flag for Micron stock. Instead, it’s presented as a logical reallocation of scarce wafers toward the company’s most profitable growth areas: HBM, data‑center DRAM and AI‑centric storage. ^[15]

Bottom line: exiting Crucial is a strategic bet that the AI memory supercycle is more valuable than consumer PC upgrades, and Wall Street largely agrees.

Wall Street on December 4: Fresh Ratings, Price Targets and Sentiment

Zacks: “Should You Still Buy After a 178% YTD Rally?”

Zacks published two Micron‑focused pieces on December 4:

“Micron Technology Soars 178% YTD: Should You Still Buy the Stock?”
The article (also syndicated via Nasdaq) attributes Micron’s huge YTD move to:
- Strong financial performance and a near‑tenfold rebound in earnings
- AI‑driven momentum in DRAM and HBM
- Low valuation multiples relative to its growth outlook and sector peers
Despite the big run, Zacks portrays Micron as still attractive thanks to a combination of robust earnings growth, rising estimates and reasonable forward P/E. ^[16]
“Brokers Suggest Investing in Micron (MU): Read This Before Placing a Bet”
A second Zacks piece focuses on Street sentiment data:
- Average Brokerage Recommendation (ABR):1.35 on a 1–5 scale (1 = Strong Buy), based on 37 firms.
- Rating mix:28 Strong Buys and 5 Buys—roughly 89% of ratings are Buy or better. ^[17]
- Earnings estimates: The consensus EPS for the current year has risen 8.2% in the past month to $17.36, a sign that analysts are still upgrading their numbers. ^[18]
- Zacks Rank: Micron holds a Zacks Rank #1 (Strong Buy) based on its upward estimate revisions. ^[19]

Zacks does note that brokerage recommendations can be biased toward positive ratings, but uses the combination of ABR + Zacks Rank + rising estimates to argue for continued upside potential.

Mizuho, Morgan Stanley and others: Targets up to $338

A new GuruFocus note on December 4 details the latest wave of price‑target hikes: ^[20]

Mizuho
- Rating: Outperform (reiterated)
- New price target:$270 (up from $265)
Goldman Sachs – December 3
- Rating: Neutral
- Target:$205 (up from $180)
Morgan Stanley – multiple raises in November
- Rating: Overweight
- Targets raised from $220 → $325 → $338, signaling increasing confidence in Micron’s AI earnings power.
UBS – November 20
- Rating: Buy
- Target:$275 (up from $245)
Rosenblatt – November 17
- Rating: Buy
- Target:$300 (up from $250)

GuruFocus aggregates 38 analysts’ one‑year targets, showing:

Average target:$217.99
High:$338
Low:$86.28

With MU trading around $226–227, the average target sits a few percent below the current price, but the cluster of new high‑end targets between $270 and $338 implies that many analysts see further upside if AI‑driven earnings materialize as expected. ^[21]

Wolfe Research: $300 target and a $30 EPS “upside case”

An Insider Monkey article, published early on December 4 and recapped via Finviz, highlights Wolfe Research’s latest upgrade: ^[22]

Wolfe raised its Micron price target from $200 to $300, maintaining an “Outperform” rating.
The firm increased estimates for the November and February quarters and out‑years on better‑than‑expected pricing and stronger server demand.
Wolfe lays out an “upside case” EPS of ~$30 in calendar 2027, driven by a sharp ramp in HBM demand, and explicitly justifies the $300 target as ~10× that upside EPS.

This frames an aggressive bull case for MU: if AI memory demand continues to tighten DRAM and HBM markets into 2027, Micron could deliver earnings power that’s still not fully reflected in today’s consensus.

Motley Fool: Micron as a Top AI Stock to Buy in December

A Motley Fool analysis titled “2 Top AI Stocks to Buy in December” (Micron plus TSMC) also hit on December 4. The author argues that with MU up about 180% YTD, investors are finally recognizing memory as a core beneficiary of generative AI. ^[23]

Key takeaways:

Memory is essential for storing training data and providing working capacity for large language models; AI doesn’t work without it.
Micron is a global leader in DRAM and NAND, used across AI data centers, smartphones, PCs and automotive—giving it a diversified base beyond AI alone.
With a forward P/E around 15 (by their estimate), the article argues Micron remains reasonably valued relative to its AI exposure and multi‑end‑market mix. ^[24]

The AI Memory Supercycle: HBM, DRAM Tightness and Japan Expansion

Record HBM revenue and bullish guidance

In its fiscal Q4 2025 results (reported September 23), Micron highlighted just how central AI has become to its business. According to Reuters: ^[25]

HBM revenue in Q4 reached nearly $2 billion, implying an annualized run‑rate around $8 billion.
Micron guided Q1 FY2026 revenue of $12.5 billion ± $300 million, above Street estimates, on the back of booming HBM demand.
The company expects an adjusted gross margin of 51.5%, well above prior expectations, driven by better pricing.

Micron executives also told Reuters that:

They expect to sell out their entire HBM3E supply for calendar 2026, with pricing largely locked in.
HBM4 pricing will be “significantly higher” than HBM3E, reflecting even tighter supply and better performance. ^[26]

A separate Zacks/Nasdaq article on December 3 notes that DRAM revenue jumped 68.7% year over year and 27% sequentially in Q4, with both shipment volumes and average selling prices rising. Zacks’ consensus estimate for Micron’s fiscal 2026 DRAM revenues sits near $45.5 billion—about 59% growth year on year, and they forecast company‑wide EPS to grow over 100% in fiscal 2026 and another ~23% in 2027. ^[27]

DRAM supply expected to stay tight into 2026

Several industry sources point to a multi‑year squeeze in DRAM supply:

Digitimes reports that Micron expects DRAM supply to remain tight into fiscal 2026, underpinned by AI servers and conventional data centers, while capacity additions remain limited. ^[28]
Tom’s Hardware and other outlets detail server DRAM price increases of up to 50%, with Micron emphasizing on its earnings call that DRAM is a “tight industry” and that bit supply growth will lag demand. ^[29]
PC Gamer’s coverage of the Crucial exit suggests that shifting ~25% of DRAM capacity toward enterprise customers will further constrain consumer supply, driving prices higher for end users. ^[30]

For Micron shareholders, a tight DRAM/HBM market is exactly what you want: higher pricing, higher utilization and expanding margins.

$9.6B Japan HBM plant underscores long‑term AI bet

Adding fuel to the AI narrative, Reuters reported on November 29 that Micron plans to invest 1.5 trillion yen (~$9.6 billion) in a new plant in Hiroshima, Japan, dedicated to producing advanced HBM chips. ^[31]

Key details:

Construction is planned to start May 2026, with HBM shipments expected around 2028.
Japan’s government may provide up to 500 billion yen in subsidies as part of a national strategy to revive its semiconductor ecosystem. ^[32]
TrendForce projects this expansion could help Micron grow its HBM market share toward ~25%, closing the gap with leader SK hynix. ^[33]

This plant effectively locks in Micron’s role in the next phase of AI hardware, where future GPUs and AI accelerators will require HBM4/HBM4E and beyond.

Earnings Preview: What to Watch on December 17, 2025

Micron is scheduled to report Q1 fiscal 2026 results on December 17, 2025, according to its investor relations calendar. ^[34]

Ahead of that report:

Street consensus EPS for the current fiscal year (Micron’s FY2026) has climbed to roughly $17.36, per Zacks. ^[35]
Zacks notes Micron’s strong earnings surprise history, and a recent article asks whether the company can beat estimates again, pointing to its combination of positive estimate revisions and favorable model indicators. ^[36]

For the upcoming quarter and beyond, investors will focus on:

HBM and data‑center DRAM revenue growth versus last quarter’s $2B HBM run‑rate. ^[37]
Updated commentary on 2026 HBM and DRAM pricing, given the supply squeeze and Crucial exit. ^[38]
Progress on AI‑related capex and capacity additions, including the Japan HBM plan and U.S. fab build‑outs supported by CHIPS Act subsidies. ^[39]

Micron Stock Forecast: Bull and Bear Scenarios

This section is informational and not financial advice. Always do your own research and consider speaking with a licensed advisor before making investment decisions.

Bull case: AI memory supercycle and $30 EPS potential

The bullish narrative, reinforced by Wolfe Research, Zacks and multiple price‑target hikes, depends on a few pillars:

Sustained HBM and DRAM tightness through 2026–2027
If AI data centers continue to absorb enormous memory content per GPU, and capacity ramps remain measured, Micron could enjoy several years of elevated pricing and utilization. ^[40]
Earnings power well above consensus
Wolfe’s upside model sees EPS approaching $30 by 2027, driven by a “strong HBM ramp” and continued pricing strength. At that level, even a 10× multiple implies a $300 stock, matching Wolfe’s target—while more generous multiples could support the higher targets near $338. ^[41]
Valuation still reasonable vs growth
Depending on the source, Micron trades around 13–15× forward earnings, a discount to many AI peers despite its explosive growth profile. Zacks and Motley Fool both describe the stock as cheap or reasonable given its AI tailwinds. ^[42]

Base case: Strong growth, but much is now priced in

GuruFocus’ aggregated average 12‑month price target of ~$218 actually sits slightly below today’s price, reflecting that some analysts think the recent rally already prices in a lot of good news. ^[43]

In a more moderate outcome where:

DRAM/HBM pricing remains firm but not extreme,
EPS tracks consensus near the mid‑teens instead of Wolfe’s $30 upside case, and
the market assigns Micron a high‑teens multiple during peak earnings (or a lower multiple if it anticipates a down‑cycle),

Micron could trade roughly sideways or deliver low‑to‑mid‑double‑digit percentage returns over the next year, depending on how quickly estimates continue to climb.

Bear case: Memory cycles and AI demand disappointments

Cautionary views haven’t disappeared:

A recent Seeking Alpha article titled “Micron: Take Profits Now, Not In The Next Slump” argues the stock faces classic memory‑cycle risk, with heavy capex and an eventual normalization in pricing potentially compressing margins later in the decade. ^[44]
If AI capex slows, or if competitors overbuild capacity, the current shortage could flip to oversupply, pushing DRAM and HBM prices down and triggering the sort of earnings collapse Micron has seen in prior cycles. ^[45]

Under that scenario, today’s valuation would come to look like a cycle peak, and the higher targets ($270–$338) could prove optimistic.

What Matters Most for Micron Investors Right Now

If you follow MU stock closely, here are the key drivers to watch after the December 4 headlines:

Execution on Crucial exit
- How quickly Micron can wind down Crucial while reallocating that capacity to higher‑margin AI and enterprise products.
- Whether consumer backlash over higher RAM/SSD prices causes any political or channel friction. ^[46]
Q1 FY2026 earnings on December 17
- HBM revenue trajectory vs. the recent $2B quarterly run‑rate.
- Updated revenue, margin and capex guidance given the Japan HBM plant and U.S. expansions. ^[47]
Analyst estimate revisions and ratings
- Zacks’ consensus EPS (currently around $17.36) and Rank (#1 Strong Buy).
- Whether new high‑end targets ($270–$338) continue to proliferate, or if the average target remains stuck near $220. ^[48]
Macro AI and memory pricing trends
- DRAM and NAND contract pricing updates from firms like TrendForce.
- Signs that AI server build‑outs are accelerating—or slowing—at hyperscalers. ^[49]
Long‑term capacity build‑out
- Progress and funding around the $9.6B Hiroshima HBM fab, plus CHIPS‑backed U.S. fabs.
- How Micron balances capacity additions with its desire to avoid another brutal oversupply cycle. ^[50]

Final thought:
As of December 4, 2025, Micron Technology sits at the center of the AI infrastructure boom, reshaping its business around HBM and data‑center memory, shuttering its consumer brand, and drawing increasingly aggressive price targets from Wall Street. Whether MU is still a buy at these levels depends largely on your view of how long the AI memory supercycle can run—and how comfortable you are owning a historically cyclical stock in what might be its strongest cycle yet.