Micron Has Surged 207% This Year. Brace for a Steep Pullback.

Micron Technology shares are up 207% in 2026 through the Friday market close, but the rally is drawing attention to how quickly the chip cycle could cool. Micron sells DRAM and NAND and also ships high-bandwidth memory (HBM), where AI demand has outpaced supply. The company is delivering HBM4 in high volumes to its lead customer, and that wafer-heavy production constrains supply of conventional memory. Micron reported $41.5 billion revenue and $25.10 adjusted EPS for Q3 fiscal 2026 (ended May 28, 2026). It guides Q4 revenue of $49–$51 billion and adjusted EPS of $30–$32. Contract price growth is expected to slow.