Micron Shares Surge: What's Driving the Sudden Momentum

Micron's stock has surged nearly 720% over the past 12 months, driven by strong demand for AI-related memory chips including high-bandwidth memory (HBM) DRAM and NAND flash memory for data centers. The company is pivoting production toward AI-driven chips, creating supply shortages that boost prices across all memory products. Analysts project revenue could grow sevenfold from $37.4 billion to $263.8 billion by fiscal 2028, with the stock trading at a lower valuation multiple than peers like Nvidia despite stronger expected growth.