Up 309% in 2026, Is Micron Stock Still a Buy Right Now? - The Globe and Mail

Micron Technology has surged 309% in 2026, making it the second-best performing stock in the S&P 500, trailing only SanDisk. Despite its sharp rise, the company's fundamentals remain strong, driven by... Read original →

Micron’s 309% surge reflects a structural inflection, not speculative froth—driven by AI-driven memory demand colliding with constrained supply. Technologically, soaring HBM and DDR5 adoption is forcing upstream equipment makers to accelerate EUV and advanced packaging capacity, while reshaping server architectures. On compliance, U.S. export controls may temporarily benefit Micron’s U.S. and India-based expansions but will inflate global supply chain costs and accelerate domestic substitution in mainland China and Taiwan, China. Competitors like Samsung and SK Hynix could exploit this by dominating mature-node markets, pressuring Micron to deepen co-design partnerships with NVIDIA. Even if spot prices soften, the 12–24 month outlook remains robust: AI clusters and edge data centers will sustain high-bandwidth memory demand, making Micron’s 7.6x forward P/E a significant undervaluation of its strategic positioning.