Micron Technology, Inc.
MUOne of the world's three big makers of memory chips (DRAM, high-bandwidth memory and NAND storage), now in huge demand for AI servers.
Nasdaq (US) · Technology · Semiconductors (memory) · Status: Holding
Live price Live
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Key figures as of 16 October 2026 Snapshot
Analyst consensus as of 16 October 2026 (not my forecast)
Average rating: Strong Buy from 49 analysts. Average 12-month price target: $1,560.57 (12-month average) (+77.6% vs $878.84).
Why I invested
I like to invest in companies I see as pioneers building the future. AI needs enormous amounts of fast memory, and Micron is one of only a handful of companies in the world that can make it at scale. To me it’s one of the key building blocks of the AI future, because every powerful AI chip needs memory sitting right next to it.
I’m aware memory is a boom-and-bust industry, so I expect the share price to swing around and I’m thinking long term.
What does Micron do?
Every computer, phone and AI server needs memory to work. Micron makes it. Its main products are:
- DRAM: the short-term “working memory” in computers and phones.
- HBM (high-bandwidth memory): super-fast stacked memory that sits next to AI chips like NVIDIA’s. This is the hot area right now.
- NAND: long-term storage, used in SSDs and phones.
Micron is American and competes mainly with South Korea’s Samsung and SK hynix. It’s currently third of the three in HBM market share.
How is it doing? (the simple version)
- Record year. Revenue for the year to September 2026 was $133.2 billion, more than three and a half times the year before.
- Data centre boom: in the last quarter, data-centre sales were around $18bn, more than 11 times a year earlier.
- Guidance: Micron told investors it expects about $61.5bn of revenue next quarter, another record.
Why is the P/E so low? Memory is a famously cyclical industry: prices boom when supply is short and crash when there’s too much. A low P/E can mean investors worry today’s huge profits won’t last. That’s very different from “cheap”.
What do analysts say?
According to StockAnalysis.com, the 49 analysts it tracks rate Micron “Strong Buy” on average, with an average 12-month price target of $1,560.57 (as of 16 October 2026). The shares have been very volatile recently, down about 16% in a week in mid-October.
Things that could go wrong
- The memory cycle turns and prices fall (this has happened many times before).
- Competition from Samsung, SK hynix and Chinese makers such as CXMT.
- AI spending slowing down.
- Very large swings in the share price (52-week range: $192 to $1,255).