Micron Technology (MU) stock closed at $640.45 on Tuesday, up over 11% on the day, with another 5.5% added in after-hours trading. That puts the stock up more than 20% over the past five days alone.
The rally pushed Micron’s market cap past $700 billion for the first time. The company now ranks among the top 10 most valuable U.S. tech companies.
Year-to-date, MU is up over 120%. Over the past 12 months, it’s up nearly 700%.
The catalyst on Tuesday was a product announcement. Micron said it has started shipping its highest-capacity solid-state drive — the largest commercially available SSD on the market.
Jeremy Werner, Micron’s senior vice president of its core data center unit, said the drive gives data center operators “a critical new lever to improve rack-level total cost of ownership, especially as power availability becomes a defining constraint for AI infrastructure scale.”
SanDisk (SNDK) also jumped 12% on Tuesday. Wall Street analysts raised price targets on SNDK following strong results, lifting sentiment across the broader NAND and DRAM space — where Micron holds heavy exposure.
AI chipmakers like Nvidia and AMD require large amounts of memory to power their processors. That demand has created a global shortage. Micron, SK Hynix, and Samsung collectively make up almost the entire memory market.
After Micron’s Q2 earnings in March, CEO Sanjay Mehrotra told CNBC that key customers are only receiving “50% to two-thirds of their requirements” due to the supply crunch. That gap between supply and demand is a core driver of the current rally.
NAND prices are expected to rise faster than DRAM in the near term, which adds another tailwind for Micron specifically.
Last week, DA Davidson analyst Gil Luria initiated coverage of MU with a Street-high price target of $1,000. He cited strong memory demand and what he called a “longer-than-usual memory cycle,” arguing that rising AI compute is structurally feeding back into stronger memory demand.
Luria also said the market is underestimating Micron’s demand outlook relative to the broader semiconductor space.
Wall Street broadly agrees — MU carries a Strong Buy consensus rating, backed by 27 Buy ratings and three Holds over the past three months.
The average analyst price target sits at $581.89, which is now below where the stock is trading. That puts the stock roughly 9% above the consensus target.
Micron’s average three-month trading volume stands at 46.3 million, pointing to strong and consistent liquidity.
The stock has surged nearly 70% in the past month, and the latest SSD shipment announcement appears to have added fresh fuel.
The post Micron (MU) Stock Hits All-Time High as AI Memory Demand Drives 120% Year-to-Date Rally appeared first on CoinCentral.
