Micron Technology shares rose 4.06% on Wednesday, closing at $1,088. This performance outperformed other major chipmakers, including Nvidia, AMD, Texas Instruments, and Qualcomm, which ended the session in the red. Since the beginning of 2026, Micron stock has increased by approximately 280%.
The company reported fiscal fourth-quarter revenue of $54.23 billion, exceeding its own guidance of $50 billion, with a gross margin of 87%. Micron projects fiscal first-quarter 2027 revenue to reach $61.5 billion. The firm has already contracted most of its 2027 high-bandwidth memory supply.
Mark Malek, CIO at Siebert Financial, recommends buying Micron stock due to its role in the AI ecosystem, specifically its memory supply for Nvidia’s AI processors. Micron is currently producing HBM4 for the Vera Rubin platform and is co-developing a custom HBM4E version.
Despite the growth, Malek warned that a potential slowdown in AI capital expenditure poses a risk to the sector. Micron plans to invest approximately $25 billion in capital expenditure during the first half of fiscal 2027. The stock currently trades at roughly six times expected 2027 earnings.
Technical analysis suggests a potential upside for Micron, with a target price of $1,516 based on chart patterns. The stock recently reclaimed the $1,053 resistance level. However, a daily close below $1,040 could lead to a decline toward the $895 support level.
