Up 43%, How Much Higher Can Micron Go in 2026?[Stocks](https://moneymorning.com/category/article/stocks/) # Up 43%, How Much Higher Can Micron Go in 2026?  by Rich Duprey  February 13, 2026  Share it: **Micron Technology** ( [MU](https://moneymorning.com/stocks/mu/)) has surged 43% year-to-date in 2026, building on an extraordinary run that has seen the stock climb more than 330% over the past year. From lows around the $60 to $90 per share range in early 2025 to current levels near $410 per share, the rally reflects booming AI-driven memory demand. The stock stuttered briefly amid broader market fears of am "SaaS-pocalypse" – concerns over slowing AI spending and software growth – but those worries proved overblown. MU has quickly rebounded and resumed its upward trajectory. With AI infrastructure spending accelerating, investors are left wondering just how much higher can Micron go this year? ## An AI-Fueled Memory Hog Demand for memory chips is skyrocketing, fueled by explosive growth in artificial intelligence (AI) accelerators, data centers, and high-performance computing. This surge was dramatically confirmed by Japanese flash and solid-state drive maker **Kioxia**, which reported a blowout quarter and announced that its entire NAND memory production capacity for 2026 is fully sold out. Kioxia's outsized Q4 guidance – revenue and profits far exceeding consensus estimate – underscored persistent supply constraints as hyperscalers make relentless AI investments, projected for as much as $600 billion this year by the likes of **Amazon** ( [AMZN](https://moneymorning.com/stocks/amzn/)), **Meta Platforms** ( [META](https://moneymorning.com/stocks/meta/)), and **Microsoft** ( [MSFT](https://moneymorning.com/stocks/msft/)). Executives noted that strong demand from AI-related customers has locked in supply through long-term contracts, with imbalances likely extending into 2027. This tight market dynamic supports higher average selling prices (ASPs) and limited relief from new capacity in the near term. Micron itself is [capitalizing aggressively](https://moneymorning.com/2026/01/05/micron-technologoy-picks-up-right-where-left-off/) on this environment. During a recent **Wolfe Research** conference presentation, CFO Mark Murphy revealed that the company has achieved high-volume production of its next-generation high-bandwidth memory (HBM4). Shipments to customers commenced in Q1 2026 – one full quarter ahead of its prior December guidance. Yields are on track, with the product delivering speeds exceeding 11 gigabytes per second while meeting stringent reliability standards.  ## A Global Rise in Memory Production This acceleration directly counters earlier skepticism about Micron's progress and positions it strongly against rivals **Samsung** and **SK Hynix**, who are also [advancing HBM4 efforts](https://moneymorning.com/2026/01/26/need-another-reason-to-buy-micron-samsung-just-gave-you-100-of-them/), uch as Samsung targeting mass production for **Nvidia**'s ( [NVDA](https://moneymorning.com/stocks/nvda/)) Vera Rubin platform. Micron has already committed its entire 2026 HBM output to customers. Murphy emphasized that overall demand continues to outpace supply, with constraints expected to persist into 2027. The company is balancing HBM4 ramp-up alongside HBM3E production throughout the year, maintaining pricing power in a supply-constrained market. Industry-wide challenges in yields and performance testing persist, but Micron's early execution highlights its competitive edge in securing volume commitments amid AI memory shortages. ## Bottom Line Despite Micron's impressive run, significant upside remains available in 2026 and beyond. The stock trades at just 9 times forward earnings – a fraction of its projected earnings growth rate, estimated at 77% annually over the next five years. This undervaluation exists even at current elevated prices, as massive EPS expansion from HBM4 adoption, sold-out capacity, and sustained AI demand should drive further re-rating. With tight supply, pricing power, and a fortress balance sheet, Micron Technology represents a compelling opportunity in the AI memory boom for investors seeking growth at a reasonable price. **Beat the market, without relying on brokers or biased institutions.** Email(Required) Phone This field is for validation purposes and should be left unchanged. 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