Micron Is Up 259% This Year. One Analyst Just Called It a Sell. - Money Morning

Micron Technology has delivered an impressive performance in 2026, with its stock up 259% year-to-date. The company reported a record quarterly revenue of $41.5 billion in Q3 2026, a 346% YoY increase... Read original →

Micron’s 259% YTD surge prices in near-perfect HBM execution, ignoring semiconductor cyclicality. Technically, rapid HBM3E-to-HBM4 transitions are forcing AI chipmakers to overhaul interconnect stacks, raising CoWoS and TSV barriers—benefiting TSMC while marginalizing smaller clients. On compliance, U.S. export curbs boost Micron’s premium pricing short-term but accelerate HBM substitution efforts in Taiwan, China and mainland China, fragmenting supply chains. Samsung and SK Hynix, locked out of Micron’s fully contracted capacity through 2028, are countering with tailored HBM designs for NVIDIA/AMD and fast-tracking GDDR7 as an alternative path. Over the next 12–24 months, even sustained AI demand won’t shield Micron if macro headwinds hit or HBM yield ceilings emerge—the current valuation assumes a cycle that history says cannot last.