Micron Technology has quietly become one of the great stock stories of the past five years. MU closed Friday at $1,016.59, putting its five-year return at roughly 1,313%, according to StatMuse. That beats Nvidia’s 912% gain over the same stretch.
Its market cap has gone from around $104.2 billion at the end of 2021 to approximately $1.15 trillion today. That is an increase of more than $1 trillion in market value.
Two names technically rank above Micron on a raw five-year return basis: Sandisk and Comfort Systems USA. But neither was an S&P 500 member for the full period. Sandisk only became independent in February 2025 and joined the index in November. Among established constituents, Micron stands alone.
The stock is also up around 256% to 260% year-to-date in 2026, crossing the $1,000 mark last week. It remains about 20% below its 52-week high of $1,255.
High-bandwidth memory has become a critical component inside AI accelerators. Advanced GPUs require fast, large pools of accessible data, and HBM fills that role. Demand is currently running at more than twice available supply.
Micron is moving to take full advantage. The company plans to double its HBM wafer output to around 100,000 per month by year-end. That supply crunch has handed Micron unusual pricing power, pushing revenue and margins well above historical norms.
Fiscal Q3 revenue hit a record $41.46 billion, compared with $9.3 billion in the same quarter a year earlier. That kind of growth has pushed MU’s forward price-to-earnings ratio to around six times, a low multiple given the pace of expansion.
Wall Street’s next major test for Micron arrives on September 30, when the company reports quarterly results. Analysts expect revenue of around $50.4 billion and adjusted EPS of $30.89. That compares to $11.32 billion in revenue and $2.84 in EPS a year earlier.
Despite the optimism, some analysts are pointing to signs of cooling momentum. Trading volumes have dropped to levels last seen in early April, before the stock’s major run began. At that point, MU was trading below $400.
The stock’s current price-to-earnings multiple of around 23 sits just below the S&P 500 average of 24. Critics argue that the valuation assumes HBM demand stays exceptionally strong, the supply shortage continues for years, and big tech keeps spending heavily. That leaves limited room for error.
Memory has historically been a cyclical business. New capacity from Micron, Samsung, and SK Hynix could create oversupply if AI investment slows. Micron’s next earnings report on September 30 will be the clearest signal yet on whether the current cycle still has legs.
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