Micron Is Knocking on $1,000 Again. Is the AI Memory Trade Just Getting Started or a Bull Trap?

Micron is knocking on $1,000 again as the article weighs whether the latest surge is the start of a new AI-driven memory upcycle or a potential “bull trap.” Micron Technology (NASDAQ: MU) closed at $1,007.49 on July 6, 2026, up 3.27% from $975.56 the previous close. The post compares that level with $121.44 a year earlier and $12.19 a decade ago. It cites Micron’s June 24, 2026 report: fiscal Q3 revenue at $41.456 billion (+345.72% year over year) versus $35.25 billion consensus, net income at $28.243 billion, GAAP gross margin at 84.6%, and free cash flow at $18.304 billion. It highlights Cloud Memory ($13.769B), Core Data Center ($11.524B), and Mobile and Client ($11.521B), plus guidance for fiscal Q4 revenue around $50.0B and gross margin near 86%. On supply, Micron said key customers could be served at 50% to two-thirds of demand in the medium term, and it referenced HBM4 12-Hi shipments for NVIDIA. Wall Street’s stance is mixed, with 40 buy ratings to 1 sell and a consensus target of $1,486, while skeptics cite potential demand compression and a short position by Michael Burry.