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For all these years, Micron Technology (MU) was viewed as one of the semiconductor industry’s most cyclical companies, riding the booms and busts of the memory chip market. But the artificial-intelligence (AI) revolution is rapidly changing that narrative. Surging demand for high-bandwidth memory chips used in AI data centers, combined with tightening industry supply and long-term agreements, is now convincing Wall Street that Micron may deserve to be valued more like an AI infrastructure giant than a traditional chipmaker.
That shift in perception reached a new level this week after UBS raised its price target on Micron to a Street-high $1,625 from $535 and reiterated its “Buy” rating, implying a potential market cap of around $1.8 trillion, a valuation that would place the company within striking distance of the exclusive $2 trillion club.
