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Micron Technology is one of three major suppliers of the high-bandwith memory used by AI companies.
It's sold out through 2026, and revenue is soaring.
Micron stock is still reasonably priced at 12 times forward earnings.
Micron Technology (NASDAQ: MU) has had a strong start to 2026, with its share price already up 39% as of Jan. 22. The growth is largely because of its fantastic financial results, including record revenue of $13.6 billion, a 57% year-over-year increase, in the first quarter of its 2026 fiscal year (which ended Nov. 27, 2025).
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Image source: Micron Technology.
Artificial intelligence (AI) technology is driving increased demand for memory, and specifically high-bandwidth memory (HBM), which delivers more data per second than traditional memory products. Micron is one of the three top HBM providers, along with SK Hynix and Samsung Electronics.
Crucially, Micron has secured partnerships with several leading AI companies. It's a supplier of Nvidia, Advanced Micro Devices, and Intel.
Memory chip demand from AI companies is so high that Micron chose to discontinue its Crucial consumer business, which sold RAM to consumers. Product shipments are set to end next month. Sumit Sadana, the company's chief business officer, also recently stated that Micron is sold out for 2026.
With memory now an AI bottleneck, Micron stock should deliver continued growth. Even after its recent surge, it trades at 12 times forward earnings, a very reasonable valuation as long as it meets or surpasses earnings expectations. That seems like a safe bet, considering Micron's recent results, partnerships, and order backlog.
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Lyle Daly has positions in Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Intel, Micron Technology, and Nvidia. The Motley Fool has a disclosure policy.
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