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Micron Technology Inc (MU) shares were climbing Thursday as investors continued to pile into AI-linked semiconductor stocks, riding the wave of NVIDIA Corp's (NVDA) blowout earnings and some very optimistic analyst calls.
Shares were up 2.15% in premarket trading at $747.70, according to market data. The move comes amid a broader rally in memory stocks, fueled by expectations that AI infrastructure spending will keep growing and that memory supply will remain tight.
The latest jump in Micron's stock follows a string of analyst upgrades that have pushed price targets to new highs. One analyst raised their target to $1,100 from $700, while another went to $950 from $500. Both moves reflect growing optimism about long-term AI-driven demand for memory chips.
Analysts are also pointing to supply bottlenecks in advanced packaging and power availability, as well as longer-term customer agreements that could make semiconductor earnings more stable and predictable. In other words, the memory business might be getting a bit less boom-and-bust.
The rally really got its spark from NVIDIA's quarterly report, which came in well above expectations. The company reported first-quarter revenue of $81.615 billion, up 85% year over year, with earnings per share of $1.87 topping Wall Street estimates.
NVIDIA also announced an additional $80 billion share buyback program and raised its quarterly dividend to 25 cents, starting with the June 26, 2026 payout. For the second quarter, NVIDIA projected revenue between $89.18 billion and $92.82 billion, well above the consensus estimate of $86.62 billion.
When the biggest player in AI chips says demand is still accelerating, it tends to lift all boats—especially the ones that supply the memory for those AI servers.
Micron is one of the world's largest memory-chip suppliers, with DRAM as its primary revenue driver, alongside NAND flash. The company sells into data centers, mobile devices, consumer electronics, automotive systems, and industrial markets.
AI servers and accelerated computing systems need a lot of high-performance memory. So when confidence in AI infrastructure spending grows, investors naturally start looking at Micron as part of the broader AI trade. It's not just about GPUs anymore—memory is a critical piece of the puzzle.
The next big catalyst for Micron's stock will be its earnings report, expected around June 24, 2026. Here's what analysts are looking for:
Overall, the stock has a Buy rating from analysts, with an average price target of $620.43, though targets range from $400 to $1,100 across 50 analysts. Recent moves include:
With NVIDIA's earnings confirming that AI spending isn't slowing down, and analysts raising their sights on Micron, the memory maker is looking like a key beneficiary of the AI infrastructure buildout.
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