Micron delivered a 239.1% share‐price gain in 2025, far outstripping the Nasdaq Composite’s 20.4% rise and the S&P 500’s 16.4% advance. This surge was powered by unprecedented demand and pricing power for high-bandwidth memory (HBM) chips used in AI processors from leading cloud and hardware providers. In fiscal 2025 (ended August 28), Micron’s revenue jumped to $37.38 billion from $25.11 billion a year earlier, while non-GAAP earnings per share soared to $8.29 from $1.30.

In the first quarter of fiscal 2026 (ended November 27), Micron reported revenue of $13.64 billion, a 56.6% year-over-year increase, and adjusted earnings per share of $4.78, up 167%. Management highlighted that strong AI infrastructure buildouts have led to full bookings of its HBM capacity through calendar 2026. The company now expects to meet only about 60% of aggregate AI memory demand this year, underscoring the tight supply environment that supports further pricing improvements and margin expansion.

On January 16, Micron broke ground on a new advanced fabrication facility in New York, designed to house up to four distinct fabs and slated for initial output in 2030. One day later, the company signed an exclusive letter of intent to acquire PSMC’s P5 fab in Tongluo, Taiwan, for $1.8 billion. The 300,000-square-foot cleanroom will transition to DRAM production in phases after closing in Q2 2026, with significant wafer output expected by H2 2027. These moves complement Micron’s Taichung operations and aim to narrow the current supply shortfall.

Micron’s market capitalization, approaching $400 billion, has climbed an additional 27.1% year to date in 2026, compared with roughly 1.4% for the S&P 500. Consensus forecasts point to continued high-teens revenue growth and mid-30s percent non-GAAP gross margins for fiscal 2026. Trading on a forward P/E near 10.5 and a PEG ratio below 0.6, Micron remains one of the most attractively valued AI-memory plays, supporting analyst models that project a potential $1 trillion valuation before 2030.