Micron Technology has delivered approximately 1,313% in five-year total returns, outperforming Nvidia’s 912% gain, while its shares have risen about 256% to 260% in 2026. The stock closed Friday at $1,016.59, lifting Micron’s valuation to roughly $1.15 trillion from $104.2 billion in late 2021. Artificial intelligence demand for high-bandwidth memory has pushed demand to more than twice available supply, supporting record DRAM pricing, strong margins and free cash flow. Micron reported fiscal third-quarter revenue of $41.46 billion, up from $9.3 billion a year earlier, and plans to raise HBM wafer output to about 100,000 units monthly by year-end. Analysts expect $50.4 billion in quarterly revenue and adjusted earnings per share of $30.89 when results are released on September 30, though cyclical oversupply and slowing AI investment remain risks.