Wall Street Targets Micron Technology As AI Data Centers Devour Memory Chips

Wall Street’s hunt for the next Nvidia has landed squarely on Micron Technology, the Boise, Idaho-based memory chip maker, as AI data centers devour memory chips as fast as GPUs.

“Skip to content Investing Apple Wants to Buy Blacklisted Chinese Memory”

24/7 Wall St.

TechCrunch said Micron closed Friday’s trading with a market cap close to $1.27 trillion, while Meta was at $1.39 trillion and Tesla was at $1.42 trillion.

TechCrunch

TechCrunch also reported Micron’s stock has soared over 236% in the past month alone, closing Friday at $1,132 a share, after it spent years upon years before mid-2025 at below $100 a share.

The catalyst in TechCrunch’s account is the AI-driven supply crunch for memory chips, with Micron benefiting from the shortage of system memory chips, both DRAM and NAND, and particularly High-Bandwidth Memory (HBM).

TechCrunch added that a single AI server requires magnitudes more memory than a laptop, and that the lack of supply is predicted to persist into 2027.

TechCrunch said Micron delivered blockbuster third-quarter earnings last week, with revenue quadrupled year-over-year to $41.45 billion and profits skyrocketed from $1.88 billion to $28.2 billion over the same period.

TechCrunch reported Micron provided a positive outlook, forecasting fourth-quarter revenue of between $49 billion and $51 billion.

The Motley Fool

In The Motley Fool’s account of Micron’s third-quarter fiscal 2026 results, management had told investors to expect $33.5 billion in quarterly revenue, and it ended up delivering $41.5 billion.

The Motley Fool quoted CEO Sanjay Mehrotra saying, "Micron is investing at record levels in technology, products and supply to address our customers' rapidly growing demand."

The Motley Fool also tied the durability of the cycle to multiyear deals, noting Micron’s multiyear Strategic Customer Agreements that it said would "significantly enhance the durability and predictability of Micron's strong financial performance."

24/7 Wall St. said Apple is reportedly lobbying the Trump administration for permission to buy memory chips from a blacklisted Chinese supplier, ChangXin Memory Technologies (CXMT), while arguing that the move poses little threat to Micron.

“The latest earnings for Micron (MU 6”

The Motley Fool

24/7 Wall St. framed the technical distinction by saying CXMT manufactures conventional DRAM products, including DDR5 memory for PCs and servers, but "What it does not manufacture is high bandwidth memory (HBM)."

TechCrunch described how Micron is shoring up its position for the long term by emphasizing long-term supply agreements, including with Nvidia and AI lab Anthropic, to withstand a sudden drop in demand or overcapacity of supply.

In 24/7 Wall St.’s account, Congress previously warned Apple against sourcing from another blacklisted Chinese chipmaker in 2022, and it said CXMT carries the same national security concerns.

24/7 Wall St. added that Micron Chief Business Officer Sumit Sadana criticized Apple’s purchasing tactics during the last memory downturn as "not constructive" because they discouraged suppliers from investing in new manufacturing capacity.