Micron Hits $1,000 Again as Wall Street Bets AI Has Broken the Memory Boom-and-Bust Cycle

For years, investors treated memory chips as the ultimate commodity business. Demand would surge, manufacturers would add capacity, prices would collapse, and profits would evaporate. Then the cycle would start again. Artificial intelligence is forcing investors to reconsider that playbook.

Micron Technology (MU) has moved back above $1,000 a share, extending a rally that has taken the stock from $123 a year ago to four-digit territory. The move is not simply about another quarter of strong memory pricing. A growing body of evidence suggests AI could make the industry's economics more durable than they have been in previous cycles.