Micron Surges Past Nvidia as AI Memory Demand Skyrockets

Nvidia (NASDAQ:NVDA) may be hogging the spotlight in the AI space, but one memory supplier is quietly outpacing it. Micron Technology (NASDAQ:MU), which supplies high-bandwidth memory to every AI accelerator, has seen its shares skyrocket by over 700% in a year and 235% year-to-date.

The company's CEO, Sanjay Mehrotra, recently stated that 'AI system performance is architecturally dependent on memory subsystem performance and capacity.'

Analysts are firmly bullish on Micron, with a consensus one-year price target of $1,513.41 and 92% of covering analysts rating shares Buy or Strong Buy. The company has beaten expectations for seven consecutive quarters and has signed 16 Strategic Customer Agreements with take-or-pay terms.

The stock trades at just 6x the FY27 EPS consensus of $155.03, implying 86% upside from its current price to reach $1,750 per share by 2027. Micron's history shows that it can achieve such aggressive growth, with shares up 1,228.57% over five years and 5,771.98% over ten.