[Edaily Reporter KIM YOON JI ] As memory chipmaker Micron is set to report its earnings on the 30th (local time), Wall Street analysts have issued extremely bullish forecasts.
According to Yahoo Finance on the 29th, Gil Luria, an analyst at DA Davidson, maintained a $2,000 price target for Micron in a report released the previous day. With Micron’s closing price that day at $1,065.08, this implies upside potential of approximately 90% relative to the current share price. Micron’s current average price target stands at around $1,520.
Analyst Gil Luria stated, “Memory is a key element in implementing artificial intelligence (AI) models, and this is not likely to change anytime soon,” adding, “The more memory you have, the better models you can build, the faster inference speeds become, and the more data you can store and process at once.” He continued, “Market participants are consistently saying that, overall, they are not securing nearly enough memory to meet their needs,” explaining, “Demand is still surging, and it will be at least another year before supply expands.”
Luria, the analyst, pointed out that the market views the memory cycle as separate from the AI investment cycle, noting, “The AI cycle is, in fact, likely a single cycle in which graphics processing units (GPUs), CPUs, and memory are all interconnected.” He noted that while AMD and Intel trade at price-to-earnings (P/E) ratios of 40 to 60, Micron trades at just 7.

He said, “Current valuations reflect the assumption that the memory cycle has already ended, but demand for AI computing is still growing rapidly,” adding, “Recently, Meta’s Muse has been gaining popularity. This indicates that user interfaces are evolving intelligently, which has inspired consumers to explore new use cases.” He added, “Just a few weeks ago, there were concerns that demand for Meta’s products might slow down, but that now seems unlikely.”
In the memory semiconductor market, demand for High-Bandwidth Memory (HBM) and advanced DRAM—used in AI servers—continues to outpace the growth in supply. Companies such as SK hynix(000660), SamsungElectronics(005930), and Micron have pre-sold the majority of their 2026 production volumes of premium AI memory, including HBM, as customers like NVIDIA, Microsoft (MS), Amazon, and Meta compete to build out their AI infrastructure.
In particular, strong demand continues for Micron’s HBM3E and HBM4, as they are essential hardware components used in conjunction with AI-focused graphics accelerators from NVIDIA and AMD. The supply shortage has driven memory prices up sharply and strengthened the pricing power of memory suppliers, which had been struggling with a slump in the industry for several years.
Experts predict that the memory supply shortage will persist through 2027, a situation expected to create a favorable environment for major players such as Micron and SanDisk.
J. Kwon, an analyst at JPMorgan, predicted, “The total addressable market (TAM) for memory is growing due to increases in both price and volume, and the supply shortage is expected to continue for the next two years.” He explained, “It appears that investors have underestimated the trend of memory demand expanding from GPUs to CPUs,” adding, “While this is a well-known concept, its actual impact on supply and demand has not been fully reflected.” He added, “This remains a key factor that could lead to an upward revision of future memory demand forecasts.”