[Edaily Reporter KIM YOON JI ] Memory chipmaker Micron will announce its financial results for the fourth quarter of fiscal year 2026 (June–August) after the market closes on the 30th (local time; October 1, Korea time). These results are expected to serve as an indicator of the current state of the memory chip and artificial intelligence (AI) markets.
According to the analyst consensus compiled by Bloomberg, Wall Street expects Micron’s fourth-quarter earnings per share (EPS) to reach $31.83. This represents a 950% increase compared to the same period last year.
Revenue for the same period is projected to reach $51.49 billion, a 355% increase from the same period last year. Of this, revenue from DRAM used in high-bandwidth memory (HBM) for data centers is forecast to reach $38.22 billion, while revenue from NAND flash memory is projected to reach $12.29 billion.
Micron, along with other memory semiconductor companies such as SamsungElectronics(005930) and SK hynix(000660), is benefiting from explosive demand driven by expanding global investment in AI infrastructure. Micron’s third-quarter EPS surged 1,214% year-over-year, while revenue jumped 345%. Its stock price has also risen sharply. As of the closing price on the 29th, Micron’s stock price has risen 279% since the beginning of the year and 587% over the past 12 months.
Micron is also making massive investments in future growth. In August of this year, the company announced it would invest up to $10 billion over the next 10 years to establish a long-term, cutting-edge research facility in Boise, Idaho.

According to Visible Alpha, 11 of the 12 Wall Street analysts covering Micron have issued “Buy” recommendations, while one is “Neutral.” Their average price target is $1,545. Micron’s closing price today was $1,065.08.
Some analysts have even expressed extremely bullish views on Micron. Gil Luria, an analyst at DA Davidson, maintained a $2,000 price target for Micron in a report released the previous day. This implies upside potential of nearly 90% relative to the current stock price.
Analyst Luria stated, “Memory is a key component in implementing 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 predicted that expanding memory supply would take at least one year.
Luria noted that the market views the memory cycle as separate from the AI investment cycle, pointing out, “The AI cycle is actually likely to be a single, integrated cycle that connects graphics processing units (GPUs), CPUs, and memory.” He noted that while AMD and Intel trade at price-to-earnings (P/E) ratios of 40 to 60 times, Micron trades at just 7 times. This indicates that Micron is significantly undervalued.
Experts predict that the memory supply shortage will persist through 2027, which is 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 expanding due to increases in both price and volume, and the supply shortage is expected to persist for the next two years.” He explained, “It appears that investors have underestimated the trend of memory demand shifting 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.”
While the AI boom is benefiting memory manufacturers, it is placing a burden on other technology sectors. Consumer electronics manufacturers are raising product prices to cope with rising prices for memory and storage semiconductors. Recently, Apple raised the price of its iPhone 18 Pro lineup by $100 compared to the iPhone 17 Pro. Although these price hikes have reduced manufacturers’ sales volumes, the higher selling prices are largely offsetting the negative impact on profitability.
Meanwhile, memory and semiconductor stocks have recently become more volatile due to concerns about AI safety. Calls—primarily from within the AI industry—to slow down the development of advanced AI models have affected investor sentiment.