Micron jumps nearly 10% premarket after upgrades; Goldman lifts target to $900 on AI-memory thesis
Micron Technology shares rebounded sharply after a recent selloff, rising nearly 10% in premarket trading between June 9 and 10 following a wave of analyst upgrades. Goldman Sachs added to the momentum by raising its price target to $900 from $400, more than doubling its outlook and underscoring expectations that the AI-driven memory upcycle still has room to run.
Investors' attention now turns to Micron's fiscal Q3 earnings report on June 24. Wall Street expects revenue of about $34.47 billion, implying roughly 270% growth from a year ago. Consensus EPS is projected at $19.79, up 936% year over year. Micron previously guided to around $33.5 billion in revenue at the midpoint, leaving analysts slightly ahead of management's own expectations—a gap that can amplify the market's reaction if results or guidance fall short.
The stock's run has been dramatic: shares rose more than 700% in 2025 and are up about 174% year-to-date in 2026, lifting Micron's market capitalization to peaks around $1 trillion. For a memory-chip maker long associated with boom-and-bust cycles, that valuation is uncommon territory.
The central driver remains high-bandwidth memory (HBM), a critical component for AI data centers running large-model training and inference workloads. Supply remains constrained, with Micron one of only three manufacturers able to produce HBM at scale alongside Samsung and SK Hynix. With limited supply and surging demand, analysts point to sustained pricing power and expect tight conditions to persist well into 2027, supporting the view that Micron's earnings momentum could be structural rather than a one-quarter spike.
Rising memory prices tied to AI deployment have been key to Micron's revenue outlook, as hyperscale cloud providers expand data-center capacity and enterprises accelerate AI infrastructure rollouts.
Crypto-focused investors have also taken notice. A tokenized version of Micron's stock, trading under the ticker MUON, has emerged as an on-chain route to track the company's performance. The product reflects a broader push to wrap traditional equities in blockchain-based instruments, though questions remain around liquidity and long-term adoption.
For equity investors, the primary near-term risk is valuation compression. After outsized gains, expectations are elevated; even a modest miss on June 24 or weaker-than-expected forward guidance could trigger a sharp pullback, as suggested by the stock's recent 13% decline before the rebound. Bulls argue the bigger picture is a multi-year AI capex cycle, with hyperscalers committing to hundreds of billions in data-center spending that will require substantial memory capacity. With Goldman now pointing to $900, at least one major bank believes upside remains—while skeptics may prefer to wait for the June 24 earnings call before taking a position.
