Forget Nvidia, This Chip Stock Has Exploded 533% - And Wall Street Says That Was Just The Warmup

Micron Technology Inc. (NASDAQ:MU) has become one of Wall Street's most explosive AI winners — leaping 533% since last April's tariff-driven selloff. 

• MU stock is moving. See the chart and price action here. 

HBM Demand is Soaring

Once overshadowed by Nvidia's (NASDAQ:NVDA) trillion-dollar rise, Micron is emerging as the surprise leader in the AI chip supply chain thanks to its critical role in next-generation memory technology.

Micron's surge is due, in part, to its high-bandwidth memory (HBM3E) — a cornerstone component for artificial intelligence data centers powering advanced GPUs and large language models. 

The HBM3E chips are viewed as essential hardware for AI workloads that demand rapid data access and massive energy efficiency. 

Analysts estimate Micron's total revenue could hit $76 billion in fiscal 2026 as demand for HBM accelerates across hyperscale customers.

That growth story has triggered a wave of bullish calls from major brokerages. 

Wall Street: MU is a Buy 

On Monday, Susquehanna raised its price target on Micron from $345 to $525, citing AI-driven demand momentum. 

Citigroup followed suit, lifting its target from $385 to $430, while Stifel made one of the Street's boldest moves — hiking its price forecast to $550 from $360 in a March 2 note. 

Analysts across the board point to Micron's improving margins, rapidly expanding AI memory market share and continued supply tightness in HBM as key upside drivers.

Despite the eye-popping rally, Micron's valuation remains attractive. The stock trades at about seven times forward earnings — a fraction of Nvidia's lofty multiple — suggesting significant headroom if earnings continue to scale alongside AI infrastructure spending.

For much of the past decade, Micron was viewed as a cyclical memory play, booming in good years but cut down by oversupply and pricing downturns. 

Now, it's rewriting that narrative. 

With generative AI reshaping data center demand — and Wall Street racing to catch up to the trend — Micron's 533% rally may, indeed, just be the warmup.

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This article Forget Nvidia, This Chip Stock Has Exploded 533% — And Wall Street Says That Was Just The Warmup originally appeared on Benzinga.com