Micron just got a Wall Street megaphone

Wall Street is suddenly a lot louder on Micron

Micron is having one of those days where the stock chart looks like it drank three espressos. Shares were down a bit in premarket, but the bigger story is that Bank of America just took its microscope to the memory market and came back way more bullish, hiking its Micron price target to $950 from $500.

That’s not a casual tune-up. That’s a full-on “we think the AI memory party still has room to run” moment.

Why the bull case got louder

BofA’s argument is basically this: AI infrastructure is chewing through memory like a teenager with the last slice of pizza, and supply is getting harder to expand. The bank says the bottlenecks aren’t just about factories — they’re also about capital intensity, advanced packaging, power constraints, and geopolitics.

Micron is leaning into that setup by planning more than $25 billion in fiscal 2026 capex, roughly twice what it spent in fiscal 2025. The catch? A lot of that new supply may not show up until 2027 or later, which means the tight market could stick around for a while.

The AI spend wave keeps rolling

BofA also bumped its forecast for the AI data center market to $1.7 trillion by 2030. That’s the kind of number that makes normal humans blink twice and then check whether they read it correctly.

The bank sees demand coming from the usual cloud suspects:

• Microsoft
• Amazon
• Alphabet
• Oracle

If those companies keep pouring money into AI infrastructure, Micron’s memory products could keep enjoying the kind of pricing power that makes investors smile and competitors sweat.

Why you should care

Micron still has China exposure hanging over it, and the U.S.-China chip standoff isn’t exactly helping the mood music. But if AI demand keeps outpacing supply, the memory business could stay much hotter than people expected.

Big picture: Micron isn’t just riding the AI wave — Wall Street is starting to think it may be sitting in the part of the surf that never really calms down.