Micron Surges 700% to $1,184 on HBM Demand
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- Micron hit an all-time high of $1,184, up over 700% in twelve months, with Wall Street price targets spanning from roughly $400 to over $1,500.
- Micron reported Fiscal Q3 2026 revenue of $41.5 billion and adjusted EPS of $25.11, beating estimates, with $22 billion in multi-year customer commitments and next-quarter revenue guided to $49–51 billion — versus total 2024 revenue of just $25 billion.
- Micron is one of only three companies (alongside SK Hynix and Samsung) that manufactures High Bandwidth Memory at scale, a market the source projects will grow from $35 billion in 2025 to roughly $100 billion by 2028.
- Sidharth Sogani, CEO of Blue Aster Capital, argues the stock has shifted from a "memory cycle" story to an AI infrastructure play, noting Micron trades at a normalized P/E of around 23x.
- Viram Shah, founder of Vested Finance, counters that the business remains cyclical with all three HBM players adding capacity into 2027–28, warning "today's record margins could prove a peak rather than a floor."
- For Indian investors, Micron is accessible via the Liberalised Remittance Scheme through international platforms, with fractional shares available since the stock trades above $1,000 — though a 20% TCS applies above ₹10 lakh and a 24-month holding period is required for the 12.5% long-term capital gains rate.
Why it matters: With Micron now reframed as an AI infrastructure stock trading at a normalized 23x P/E, Indian investors face a split verdict: Sogani sees the HBM supply crunch as structural, while Shah flags 2027–28 capacity additions from all three players as the threat to record margins. The 1,000% spread in analyst targets ($400 to $1,500+) captures exactly how divided the buy-now-or-wait case really is.
