Micron Grew 10X in 12 Months. Can It Do It Again? - Yahoo Finance

Micron Technology has experienced an extraordinary surge, with its profits rising 15-fold over the past year and its stock price increasing tenfold, reaching a market cap of $1.31 trillion. This drama... Read original →

Micron’s surge reflects AI’s architectural shift from compute-bound to memory-bound systems. Soaring HBM demand is reshaping the entire advanced packaging ecosystem—TSV and CoWoS capacities are being reallocated to serve NVIDIA and AMD, squeezing legacy logic chip allocations. Geopolitically, U.S. CHIPS Act subsidies come with supply chain transparency mandates, compelling Micron to shift HBM production to Japan and the U.S., raising capex by over 15%. With SK hynix leading in HBM3E yields, Micron may counter by locking in customized HBM deals with Microsoft and Amazon. Even if HBM prices drop 20% in the next 18 months, per-bit margins will remain triple those of standard DRAM, ensuring structural tailwinds through 2027. The real vulnerability lies in customer concentration: if NVIDIA’s next-gen Blackwell Ultra adopts in-house memory stacking, Micron’s growth trajectory could stall abruptly.