Micron's 861% surge hides a bigger Wall Street bet

Micron’s stock has surged more than 861% over the past year, but analysts highlighted by the article argue the memory maker could still have significant upside as AI buildout and memory shortages reshape the industry. Multiple Wall Street firms have reiterated bullish stances, with price targets around $1,500, implying room for gains from recent levels. The optimism is tied to strengthening supply arrangements and growing demand for high-performance memory products used in data centers. The article notes that demand is increasingly viewed as more durable, shifting memory away from the traditional boom-and-bust pattern and toward longer-term AI infrastructure spending. It also points to tight DRAM supply and expansion of high bandwidth memory as factors expected to support pricing over coming years. However, analysts caution that elevated valuations raise the performance bar, making upcoming earnings and guidance particularly important. The story follows a partnership with Anthropic that includes a multiyear supply agreement, AI collaboration, and a strategic investment.