Micron Stock Could Double Before 2028 Amid Strong AI-Driven Demand
Micron Technology has experienced significant growth in recent years, driven by surging demand for high-bandwidth memory (HBM) and DRAM from artificial intelligence data centers. In fiscal 2026 alone, the company reported $133 billion in revenue with earnings per share rising nearly 900%. The fourth quarter saw record sales of $54.2 billion at a gross margin exceeding 87%, fueled by high-margin products like HBM and premium DRAM. Industry analysts suggest that memory supply constraints could persist through 2028, supporting continued pricing power for Micron's offerings. JPMorgan forecasts the memory market to reach $1.7 trillion by 2028 due to increasing demand from CPUs and GPUs used in AI applications. With over 75% of next year’s shipments already secured, Micron appears well-positioned to maintain its momentum. The stock currently trades at around $1,080 per share with a forward P/E ratio near six times earnings. If current profit margins hold and earnings grow by an additional 20-30%, the company could reach annual EPS of about $220 by 2028, potentially doubling its stock price.
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