Micron Technology (MU) Price on Solana

Despite Micron reporting blowout fiscal Q4 results — $54.2 billion in revenue and adjusted EPS of $33.42, well ahead of consensus — shares traded flat in premarket following the print. With the stock already up roughly 237% year-to-date heading into the report, analysts suggest the muted reaction reflects elevated expectations rather than disappointment, as the beat had been widely anticipated.

Major banks uniformly maintained bullish ratings and lifted or held price targets. UBS carries the Street-high at $1,625, while Deutsche Bank and Bank of America both set targets at $1,550; Morgan Stanley holds a $1,200 Overweight and Citigroup sits at $1,300. Deutsche Bank analyst Melissa Weathers cited "structurally sound" memory sector fundamentals and Micron's "unique drivers" supporting cross-cycle profitability beyond historical trends. Goldman Sachs flagged Micron's disclosure of 10 new long-term customer agreements covering roughly 35% of projected fiscal 2030 revenue — with about 75% including structured pricing frameworks — as evidence of deepening enterprise demand visibility that underpins the longer-term bullish case.

Micron reported fiscal fourth-quarter revenue of $54.2 billion on Wednesday, up from $11.3 billion a year earlier and about $3.2 billion above the roughly $51 billion analysts expected. Adjusted earnings came in at $33.40 a share against estimates near $32, and gross margin reached 87%. Its Core Data Center business unit brought in about $18.0 billion, up from $1.58 billion a year ago, an 11-fold increase driven by AI memory demand. Automotive & Embedded beat estimates by the widest margin, at $6.8 billion against about $4.7 billion expected. Cloud Memory came in at $16.3 billion and Mobile & Client at $13.1 billion.

Micron guided fiscal first-quarter revenue to between $60 billion and $63 billion, with a midpoint of $61.5 billion, well above consensus of about $57 billion. It also guided adjusted EPS to between $37 and $39, against expectations of $35 to $36. The one weak spot was gross margin: Micron guided to about 86%, below the 87% analysts had expected. That slight squeeze is likely to keep attention on what management says about memory pricing and supply.

Micron Technology reports results for its fiscal fourth quarter, which ended in August, on Wednesday, September 30. Investing.com puts consensus at \$31.16 in earnings per share on \$50.45 billion of revenue, which would be sequential growth of about 24% and 22%. CNBC cites slightly higher LSEG estimates of \$31.61 and \$51.07 billion. Micron has guided to an adjusted gross margin of about 86% for the quarter, which would be a company record. The stock goes into the report near \$1,054, up roughly 280% this year, with a market value of about \$1.19 trillion. Last quarter, earnings came in 23% above estimates.

Analysts say the headline numbers may matter less than whether the memory upcycle continues into 2027. The main things to watch are Micron's fiscal 2027 outlook, how much of its output is covered by multi-year supply contracts (estimated at 35% or more, up from about 20% to 33% earlier this year) and whether demand for high-bandwidth memory holds up. HBM is sold out for 2026, and new capacity takes 12 to 18 months to bring online. Investors are also watching for a possible large buyback once CHIPS Act restrictions expire in December.

Baird reiterated its outperform rating on Micron Technology and raised its price target to \$1,520 from \$1,280, CNBC and Investing.com reported on September 28. The new target implies about 40% upside from Friday's close of roughly \$1,082. Analyst Tristan Gerra gave three reasons. First, a recent surge in agentic AI workloads is lifting CPU demand, which he expects to carry into next year; Baird models industrywide AI CPU unit growth of about 40% in 2027. Second, he expects DRAM supply bit growth to slow to around 20% in 2027 from more than 30% in 2026. Third, he expects high-bandwidth memory (HBM) margins to improve next year.

Gerra expects memory shortages to last through 2027. The note arrives just before Micron's fiscal fourth-quarter results on Wednesday, when analysts expect earnings to grow more than ninefold year over year. The stock has returned close to 590% over the past twelve months. Not every investor agrees with the bull case: Michael Burry recently added to a short position betting that the memory shortage will unwind.

Michael Burry, the investor made famous by "The Big Short," is increasing his short position in Micron Technology, according to CNBC. He is betting that the memory-chip shortage behind the AI build-out is temporary. The move came in the same week the Nasdaq-100 hit an all-time high, and Burry named Micron alongside other bets against AI-linked names: Nebius Group, the iShares Semiconductor ETF (SOXX) and Palantir.

Burry argues the memory sector will return to its old boom-and-bust cycle. "Over the next two years this shortage will blow off as production catches up, and memory will have a down cycle again," he wrote on his Substack. To support this, he cited a Taiwanese media report in which Acer's CEO said China's memory production capacity keeps rising and that China has no shortage. A Center for Strategic and International Studies economist has also raised the possibility of a memory glut driven by Chinese output. For Micron, this means a well-known short seller is openly betting that the tight supply and strong pricing behind the current memory rally will reverse.

Options markets are pricing in a new all-time high for Micron (MU) by October 23, according to CNBC analysis of ThinkOrSwim data, as bullish positioning sweeps through the memory sector. Micron gained over 3% in the session covered by the report, while sector peer SanDisk rose more than 6% and the Roundhill Memory ETF (DRAM) advanced 2%. The options activity comes despite weak overall market breadth — the NYSE logged 75 new 52-week lows versus just 14 new highs on the same day — suggesting traders are betting that high-profile laggards like Micron will close the gap with broader index gains.

The memory sector's outperformance reflects sustained conviction around AI-driven demand recovery. Micron's HBM exposure and improving pricing cycle have made it a focal point for momentum traders looking for a catch-up trade. The Oct. 23 implied new-high threshold closely follows Micron's fiscal Q4 earnings due September 30, which analysts have forecast will confirm that the memory shortage remains intact — positioning the options activity as a direct bet on a bullish earnings catalyst and subsequent price continuation.

Hundreds of workers at Micron's largest production base — its Taoyuan, Taiwan facility, which produces the majority of the company's DRAM output — rallied Thursday to threaten strike action after government-mediated negotiations failed to close a wide gap over bonus compensation. Micron offered a package totaling 35–68 months of compensation with a minimum NTD 1.7 million ($53,485) cash bonus, but workers described the proposal as falling "short of expectations," given the company's dramatically improved earnings. Workers are demanding an 83-month one-time bonus plus a permanent commitment to direct 15% of operating income into quarterly profit-sharing, comparable to arrangements at Samsung (10.5%) and SK Hynix (10%).

The dispute escalates a conflict that began publicly in early September, as Micron's financial results have surged alongside AI memory demand. The company reported Q3 fiscal revenue of $41.46 billion — up from $9.30 billion in the same period a year prior — and guided Q4 toward approximately $50 billion. Workers argue that existing compensation structures do not reflect those gains, and unions have warned a formal strike vote could come before the end of September if negotiations collapse. A sustained work stoppage at the Taoyuan facility would represent a material operational risk given its central role in global DRAM supply.

Nvidia's multi-year, $279 billion memory procurement commitment sends a stronger signal for Micron than for Sandisk, according to a Yahoo Finance analysis, because Nvidia's GPU accelerators depend specifically on high bandwidth memory (HBM) and server DRAM — both core Micron products. As one of only three HBM suppliers globally and a top-tier DRAM vendor, Micron is positioned to supply the memory stack that sits directly on GPU packages as well as the system memory feeding CPUs and inference hosts in hyperscaler data centers.

Despite the tailwind, Micron trades at approximately 6x forward price-to-earnings — a deep cyclical discount the analysis attributes to the market's historical skepticism toward memory companies. The piece argues that sustained AI-driven demand could keep earnings elevated long enough for a valuation re-rating, particularly as Nvidia's procurement signal removes near-term demand uncertainty for HBM and DRAM capacity.

Japan's Kioxia Holdings is reportedly exploring a US listing via American Depositary Receipts that could raise at least $10 billion, with Bank of America, Goldman Sachs, and JPMorgan engaged on the offering. The move follows SK Hynix's landmark $26.5 billion Nasdaq listing in July — the largest US share sale by a foreign company — and signals that global memory chipmakers are racing to tap US capital markets on the back of AI-driven memory demand. Kioxia's Tokyo shares have surged roughly 400% this year, pushing its market cap to approximately $183 billion, giving it substantial balance-sheet firepower heading into any potential listing.

For Micron, a US-listed Kioxia would introduce a better-capitalized, more liquid NAND competitor into the same investor pool at a time when MU shares have traded in a narrow range for two months. Analysts note that while AI-related memory fundamentals remain supportive — tight supply and sustained hyperscaler demand — investors are reassessing infrastructure spending trajectories, weighing on both Micron and SanDisk. Retail sentiment on StockTwits is currently bearish for MU. If Kioxia's listing proceeds and captures momentum comparable to SK Hynix's ADR debut, it could draw capital and analyst attention away from Micron even as the two compete across overlapping NAND and SSD product lines.