Micron Technology (MU) has gone from a cyclical also-ran to one of the most talked-about stocks in the market. The company briefly crossed the $1 trillion mark on May 26 after UBS raised its price target to $1,625 from $535, and the rally spilled over into other memory names as investors kept betting that AI data centers will keep using more high-bandwidth memory and NAND flash. The broader chip group has been hot too, with semiconductors leading the market and the Philadelphia Semiconductor Index hitting a record as AI spending keeps widening.
Micron is still a memory-chip maker at heart, but that now looks like a much better business than it did a few years ago. The stock has climbed more than eightfold over the past 12 months and is up 223% year-to-date, with the rally driven by AI demand, tight supply, and pricing power that has changed the story around the company.
