Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTRich DupreyFri, June 26, 2026 at 6:23 PM GMT+2 4 min readQuick Read$MU's profits surged 15x in 12 months while the stock grew tenfold, yet it still trades at just 8x forward earnings.Tim Cook called the memory price surge a '100-year flood' as Micron's HBM production sells out through 2026, meeting only half of demand.Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Micron Technology didn't make the cut. Grab the names FREE today.The market has rarely seen a technological revolution like the one the artificial intelligence boom has unleashed. Semiconductor companies, in particular, have been rewarded at a pace few investors have ever witnessed. 24/7 Wall St.Last year, Nvidia (NASDAQ:NVDA) dominated headlines as demand for AI accelerators exploded. This year, the spotlight has shifted to a different bottleneck: memory. Every AI server needs massive amounts of high-bandwidth memory (HBM), and there simply isn't enough to go around. That shortage has transformed Micron Technology (NASDAQ:MU) from an important supplier in a cyclical industry into one of AI's foundational infrastructure companies, and one of its most valuable. The memory chipmaker's latest earnings release suggests the story is far from over, even after one of the fastest wealth-creation periods the semiconductor industry has ever seen.Micron's fiscal third-quarter results showed a company operating on an entirely different scale than it was just a year ago. Revenue climbed from $9.3 billion in fiscal Q3 2025 to $41.5 billion this year, a better than fourfold increase. Net income expanded even faster, jumping from $1.9 billion to $28.2 billion, up nearly 15 times -- surpassing even Nvidia's historic run one year earlier.The stock has reflected that explosive growth. Micron's market capitalization increased from roughly $140 billion in June 2025 to $1.31 trillion today -- a near-tenfold increase.Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Micron Technology didn't make the cut. Grab the names FREE today.The old investing maxim says stock prices ultimately follow earnings, and earnings follow sales. Micron's valuation isn't simply responding to higher revenue -- it is rewarding a business that has dramatically expanded its profitability as rising memory prices flow directly to the bottom line.24/7 Wall St. Sold out through 2026 and surging toward a $1.3 trillion valuation—witness the memory bottleneck that turned a cyclical supplier into AI's most critical infrastructure. © 24/7 Wall St.Terms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info