Micron Technology shares soared to an all-time high on May 26, surging nearly 23% intraday before closing up more than 19% at $895.88. The rally briefly pushed the chipmaker’s market capitalization above $1 trillion for the first time. In extended trading, shares climbed further toward $920.
UBS price target more than triples
The catalyst was an aggressive upgrade from UBS, which raised its price target on Micron to $1,625 from $535—implying roughly 80% upside from the closing price. UBS analyst Timothy Arcuri said he expects AI-driven memory shortages to persist through at least the second quarter of 2028. He projects Micron could generate more than $100 per share in annual profits between 2027 and 2029.
Unprecedented demand and supply crunch
CEO Sanjay Mehrotra told investors that Micron can only supply about 60% of what key customers are requesting because of an unprecedented AI memory shortage. The company is racing to boost output. It just began full-scale operations at a new $2 billion manufacturing facility in Manassas, Virginia, producing 1-alpha DRAM. Management framed the expansion as part of a broader $200 billion long-term investment strategy to reinforce domestic semiconductor manufacturing.
Revenue nearly triples, profit surges eightfold
In the quarter ended February 26, Micron’s revenue reached $24 billion, nearly tripling year over year. Adjusted net income surged almost eightfold to $14 billion in the same period. The stock is up more than 200% year to date and has gained over 800% in the past 12 months.
White House praise and New York ambitions
On May 22, President Trump said “Micron is great” and suggested the company could invest “over $100 billion” in New York. The remarks came as Micron pushes ahead with domestic chip production plans. The company hasn’t confirmed a specific New York figure, but the comments highlight Washington’s interest in onshoring memory manufacturing.
Micron’s next earnings report, due in late June, will show whether the demand surge continues to outpace supply—and whether the stock can sustain its blistering pace.
