Micron Technology has become a major beneficiary of the AI infrastructure boom, with surging memory demand, constrained supply and strong data-center utilization supporting pricing and earnings expectations. The stock has gained almost 300% in 2026 as an AI-led memory supercycle (extended period of unusually strong demand) contributes to a global supply shortage. Melius Research’s Ben Reitzes expects tight supply-demand conditions to persist into 2028 and sees margins improving after the first quarter, while estimating annual share repurchases could eventually exceed 10% of Micron’s market capitalization. Advisors Capital Management partner and portfolio manager JoAnne Feeney remains more cautious on Micron’s exposure to falling memory prices, though she sees additional demand benefiting equipment makers such as Lam Research. Bank of America Securities senior semiconductor analyst Vivek Arya estimates AI-related demand is growing by more than 100% annually, compared with semiconductor capacity growth of about 40%-50%, and says high utilization across different AI workloads is supporting demand for memory and other components. Micron shares were up 0.87% at $1106.94 in Friday’s premarket trading, according to Benzinga Pro data.