Micron Technology Inc. (MU) is emerging as one of Wall Street's biggest AI winners, with several analyst arguing that relentless spending on AI data centers and memory infrastructure could support further gains even after the stock's massive rally.

Doug Clinton Says AI Infrastructure Demand Supports Micron's Valuation

Intelligent Alpha founder and CEO Doug Clinton told CNBC on Thursday that Micron's rapid rise still looks justified because the stock trades near 10 times forward earnings despite explosive AI-driven growth.

Speaking on CNBC's "Closing Bell," Clinton argued that hyperscalers and enterprises are continuing to aggressively expand AI data centers, creating sustained demand for memory hardware across the broader sector.

He said companies like Microsoft Corp. (MSFT) are continuing to increase AI spending, supporting valuations for Micron and rival memory-chip makers.

While Clinton acknowledged risks tied to double-ordering and supply constraints, he maintained that the broader AI infrastructure trade remains intact even if semiconductor stocks experience periodic pullbacks.

Gene Munster Sees A Multi-Year AI Boom Supporting Micron And Rivals

Deepwater Asset Management managing partner Gene Munster told CNBC on Wednesday that Micron, SK Hynix, and Samsung Electronics Co. Ltd. (SSNLF) could continue benefiting from what he described as the "second inning" of the AI infrastructure cycle.

Speaking on CNBC's "The Exchange," Munster said memory demand growth reflects a structural AI shift rather than a normal semiconductor boom-and-bust cycle.

He highlighted Micron's accelerating revenue growth and cited Counterpoint Research projections showing broader DRAM revenue growth could reach 360%.

Munster cautioned that maintaining future stock gains will become harder as expectations rise. However, he still viewed Micron and SK Hynix as attractively valued relative to their growth potential, citing Micron's roughly nine-times forward earnings multiple and SK Hynix's seven-times multiple.

David Miller Calls Micron A Rare Growth-And-Value Opportunity

Catalyst Funds CIO David Miller told CNBC on Wednesday that Micron still looks attractive despite its massive rally because the stock continues trading below 10 times forward earnings.

Speaking on CNBC's "Power Lunch," Miller argued that Micron's valuation remains compelling relative to the broader technology sector and S&P 500 even after the stock surged more than 800% over the past year.

He also pointed to Broadcom Inc. (AVGO) as another major AI infrastructure beneficiary, citing its exposure to hyperscaler AI chips, networking infrastructure, and enterprise software.

Miller added that Amazon.com Inc.'s (AMZN) AWS and advertising businesses continue demonstrating how AI-linked businesses can generate strong margin expansion and earnings growth.

William Kerwin Warns The Memory Cycle Could Still Reverse

Morningstar senior analyst William Kerwin pushed back against the increasingly bullish AI narrative surrounding Micron and other memory-chip makers to CNBC on Wednesday.

Speaking on CNBC's "Fast Money," Kerwin argued that investors currently price Micron as though AI demand will permanently eliminate semiconductor cyclicality, while he still views the current environment as an unusually strong but ultimately temporary upcycle.

He warned that Micron, Samsung, SK Hynix, and Chinese suppliers are all aggressively expanding capacity, potentially creating oversupply risks beginning in late 2027 and accelerating into 2028.

Kerwin said even modest oversupply could sharply pressure pricing because memory chips remain largely commoditized products with multiple interchangeable suppliers.

MU Price Action: Micron Technology shares were down 1.74% at $912.30 during premarket trading on Thursday. The stock is trading near its 52-week high of $956.16.