NEW YORK, March 12, 2026, 5:37 PM EDT
Micron Technology slipped 3.1% to $405.35 late Thursday in U.S. trading, after shares hit a session low of $396.83.
Wall Street retreated sharply as oil prices jumped on Iran war concerns, dragging the Nasdaq down 1.78%. For Micron, the setup is tense: earnings land March 18, leaving the stock caught between market jitters and hype around AI-fueled memory demand.
The sector itself hasn’t lost momentum. Applied Materials on Tuesday announced it’s teaming up with Micron and SK Hynix for next-gen DRAM and NAND flash projects at its EPIC research hub. Meanwhile, Reuters reports major tech players are set to pour at least $630 billion into AI infrastructure this year.
Sentiment on Wall Street has shifted to a more positive tone lately. Barron’s noted Citi bumped its Micron target to $430, and Susquehanna raised its own to $525. Citi’s Atif Malik pointed out that “the majority of the 2026 hyperscale capex revision” comes from rising memory costs. Barron’s
Shares found fresh momentum Thursday after Wells Fargo’s Aaron Rakers bumped his Micron target up to $470, an increase from $410. Rakers is sticking with his Overweight call, according to Benzinga.
Micron’s numbers are fueling the bullish tone. Back in December, the company reported a record-setting fiscal first-quarter revenue at $13.64 billion. For the second quarter, Micron projected revenue could hit $18.70 billion, give or take $400 million. CEO Sanjay Mehrotra told investors the forecast signaled “substantial records across revenue, gross margin, EPS and free cash flow” for the period. Micron Technology
The company hasn’t stopped rolling out new gear for AI servers. Back on March 3, Micron announced it had started shipping samples of a 256GB low-power DRAM module targeting data-center infrastructure. Raj Narasimhan, who oversees cloud memory, called it the “most power-efficient CPU-attached memory solution” out there for AI and high-performance computing. Micron Technology
The risks are obvious. Back in February, Samsung announced it was already shipping its newest high-bandwidth memory chips—known as HBM—to customers, aiming to catch up with SK Hynix. Reuters reported Micron’s CFO saying Micron, too, was producing HBM4 at scale and had started sending those chips out. Thursday’s sharp, oil-driven drop in the market was a reminder of just how fast chip stocks can get dragged down by wider market jitters. HBM refers to stacked memory installed near AI processors for faster data transfer.
Micron faces its next hurdle on March 18, set to deliver fiscal Q2 numbers after the bell at 4:30 p.m. EDT.
