Micron Technology (NASDAQ: MU) reports earnings on September 30, 2026, with analysts forecasting a record stock price of $1,250. Shares previously hit a 52-week high near $1,255 in June before pulling back. The bullish outlook stems from AI memory chip demand outpacing supply, as CEO Sanjay Mehrotra stated “there is no AI without memory.” Nvidia projects the five largest AI hyperscalers will spend $800 billion on capital expenditures this year and $1.3 trillion next year. Supply constraints are expected to persist beyond calendar 2027. Micron trades at 6.2 times forward earnings despite near-50% margins. Gross margin, DRAM pricing, and supply guidance will be key metrics in the report.
Micron Technology (NASDAQ: MU) is scheduled to report earnings on September 30, 2026, with several analysts projecting a stock price of $1,250. That level would mark a new record for the company, whose shares hit a 52-week high near $1,255 in June before pulling back.
The report arrives as AI infrastructure spending accelerates. Micron produces DRAM and NAND memory chips used in AI servers and storage drives, with demand outpacing what the company and its rivals can supply.
Sanjay Mehrotra, CEO of Micron, said: “Today there is no AI without memory.”
Nvidia, one of Micron’s largest customers, projects that the five largest AI hyperscalers will spend close to $800 billion on capital expenditures this year and another $1.3 trillion next year. That spending keeps pressure on memory prices heading into the earnings report.
New production capacity at Micron and its competitors will largely come online no earlier than mid-2027, with some projects extending into 2028. Mehrotra added: “We expect tight conditions to persist beyond calendar 2027.”
Nvidia has also forecast global AI capital spending could reach $3 trillion to $4 trillion by 2030. These projections support expectations that elevated memory prices will hold for several more quarters.
Despite record profitability, Micron shares trade at 6.2 times forward earnings, an unusually low multiple for a company with significant AI exposure. Margins near 50% may not persist indefinitely, but even a pullback would leave the company profitable.
Investors will focus on gross margin, DRAM pricing, and updated supply guidance in the September 30 report. A stronger-than-expected showing could push the stock past its previous highs into record territory.
