Micron Technology’s shares climbed 239% over the course of calendar 2025, driven primarily by an unprecedented surge in AI-related memory demand. The company reported year-over-year revenue growth of 65% in fiscal 2025, propelled by record bit shipments—up 20%—and average selling prices in its DRAM segment that quadrupled compared with 2024. Investors flocked to the stock as data-center customers accelerated purchases of high-bandwidth memory (HBM) modules, which now account for over 15% of Micron’s total revenue, up from 6% at the start of the year.

Micron closed its first quarter of fiscal 2026 with record quarterly revenue of $13.64 billion, marking a 50% increase from the prior-year period. Adjusted EBITDA margin expanded to 38%, the highest level in six years, reflecting operational leverage and tight supply–demand balance in key DRAM markets. Management’s guidance for full-year fiscal 2026 anticipates a further 25% rise in bit shipments and an ongoing recovery in NAND pricing, supporting consensus EPS estimates of approximately $32.14, nearly four times last year’s $8.29.

Analysts note that structural supply constraints in the DRAM industry have created cyclical conditions reminiscent of the early 1990s memory boom. Industry inventories have fallen below five weeks of consumption, down from twelve weeks a year ago, fueling upward pressure on contract prices. Micron’s leadership team projects that aggregate DRAM market revenue will grow at a compound annual rate exceeding 30% through 2026, underpinned by capacity discipline among major suppliers and escalating content per server fueled by AI workloads.

Several prominent research firms have upgraded Micron to a Buy rating in recent weeks, citing the generational shift in memory pricing and robust bit-shipment growth. One independent analyst highlighted that Micron trades at less than six times forward EBITDA, one of the lowest multiples among large-cap semiconductor peers. With ROIC exceeding 25% and net cash on the balance sheet, investors view the stock as undervalued given its leadership in both DRAM and emerging HBM technologies.