Micron Surges 755% as HBM Demand Outpaces 2028 Supply
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- Micron Technology shares climbed roughly 755% over the past year, transforming the company from a familiar memory-cycle name into a trillion-dollar AI infrastructure story.
- Micron posted fiscal third-quarter revenue of $41.5 billion, up 74% sequentially, and guided for $50 billion in the following quarter.
- HBM demand for 2027 and 2028 remains above available supply, with customers already locking in capacity years in advance.
- DRAM and NAND segments are also benefiting as AI data centers require more memory and storage across the system, not just high-bandwidth memory.
- Analyst sentiment is overwhelmingly bullish, with 29 Buy ratings and just 1 Hold among 30 recent ratings — hardly the split some headlines suggest.
Why it matters: At 755% in a year and a 29:1 buy ratio, Micron's next leg depends on the HBM shortage lasting past 2028 — a much harder call than the AI tailwind consensus is already pricing in. A demand cool-off would directly threaten the $50 billion revenue guidance Micron just issued for next quarter.
