If You Had Invested $1,000 in Micron 1 Year Ago, Here's How Much You'd Have Now. Is the Stock Still a Buy?

Micron Technology has delivered an extraordinary 850% return over the past year, driven by unprecedented AI-driven demand for high-bandwidth memory (HBM) chips. The company's fiscal Q2 2026 revenue nearly tripled to $23.86 billion with gross margins expanding to 75%. However, the analyst cautions that current valuations (P/E in low 40s) already price in years of sustained demand and tight supply conditions, which historically contradicts memory's cyclical nature. New investors are advised to exercise caution given the extreme rally and risk of disappointment.