Micron Technology (MU) reclaimed the $1,000-per-share level on September 7, rising 6.1%, as record Big Tech data-centre spending and a key earnings report later this month fuel renewed momentum in the memory-chip sector.
With quarterly results expected in late September, investors are weighing whether the company can confirm that structural demand shifts-rather than a cyclical bounce-are driving the rally.1
Key Takeaways
- MU shares rose 6.1%, retaking the psychologically critical $1,000 level.
- Bank of America named Micron a “top pick,” seeing fiscal 2030 EPS of $200-$250.
- Memory sector has gained broadly; the Roundhill Memory ETF (DRAM) surged 5.4%.
Market Reaction & Context
Micron’s move above $1,000 on September 7 extended a broader rebound in memory equities that began in mid-August after the stock had stayed below that closing-price threshold since July 2.2 The Roundhill Memory ETF (DRAM) gained 5.4% in the same session, while SanDisk (SNDK) surged nearly 9% for its sixth consecutive day of gains, Western Digital (WDC) rose 5.4%, and Seagate (STX) added 2.2%.
Year-to-date, SanDisk leads the peer group with a gain of roughly 653%, followed by Seagate at 261%, Micron at approximately 254%, and Western Digital at 211%-a collective move that reflects investor conviction that AI-driven memory demand represents a durable structural shift rather than a fleeting cycle.2
What Is Driving the Momentum
Second-quarter earnings reports from Amazon, Alphabet, Nvidia, and Meta Platforms all signalled that cloud-infrastructure build-outs and data-centre capital expenditure would continue at record levels, directly boosting demand for high-bandwidth memory and NAND flash.2 South Korea’s KOSPI-heavily weighted toward Samsung Electronics and SK Hynix-rose 2.4% in tandem, reinforcing the view that the upcycle is a global phenomenon rather than a U.S.-centric trade.
A separate policy catalyst has also emerged: the U.S. Senate set an August 21 deadline for Apple to respond to suggestions that it avoid purchasing memory chips from Chinese producers, a development that investors speculate would create incremental demand for domestic suppliers such as Micron.2
Analyst Conviction Deepens
Bank of America designated Micron its “top pick” in mid-August, projecting fiscal 2030 EPS of $200 to $250-well above the then-current Wall Street consensus peak of $160 to $170.2 The bank’s bullish thesis rested in part on SanDisk, whose “durable growth outlook,” BofA said, provides evidence that the broader memory market is entering a structurally stronger period.
New Street Research separately upgraded Micron to “Buy” from “Neutral” with a $1,250 price target, forecasting more than $600 billion in cumulative cash generation and more than $150 billion in annual free cash flow as memory demand from inference, agentic AI, and robotics applications accelerates.2 RBC Capital Markets and Wells Fargo also raised price targets on SanDisk to $1,600 and $1,550, respectively, following the company’s investor day, though both retained “Neutral” ratings.
Outlook & Key Quote
CNBC’s Jim Cramer, whose charitable trust recently initiated a position in Micron, offered a bullish near-term view.
“I think Micron can double again before the boom comes to an end, assuming there’s no data center slowdown,” Cramer said, pointing to share-buyback programmes across the sector as an additional shareholder-friendly signal.2
SanDisk has $15.5 billion remaining under its repurchase authorisation, Seagate is executing a $5 billion programme, and Western Digital authorised an additional $4 billion in buybacks earlier this year-capital-return activity that Cramer characterised as chipmakers returning cash to shareholders rather than investing in new supply, itself a potential floor under memory pricing.
Risks to the Bull Case
Bears argue that much of the long-term memory demand outlook is already reflected in valuations after the sector’s dramatic multi-year run, creating resistance to further gains.2 Micron’s late-September earnings report will be the near-term test of whether revenue and margin trajectories can justify current price levels or whether investor enthusiasm has run ahead of fundamentals.
The quarterly print will also serve as a read-through for the broader semiconductor sector at a time when investors are scrutinising technology-company earnings across multiple industries-similar in dynamic to how analysts examined Target’s Q2 earnings for confirmation of a rally that had outpaced near-term fundamentals.
Not investment advice. For informational purposes only.
References
1Adam Clark (Sept. 7, 2026). “Micron Stock Has Reclaimed $1,000-What Comes Next”. Barron’s. Retrieved September 7, 2026.
2(Aug. 18, 2026). “Micron Reclaims $1,000 Amid Fresh Memory Momentum: Jim Cramer Says MU Stock Can ‘Double Again'”. Stocktwits. Retrieved September 7, 2026.