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Today's Featured Content After Blowout Earnings, How Much Higher Can Micron Go?Author: Jessica Mitacek. Originally Published: 3/24/2026. 
Key Points - Since 2025’s tariff tantrum, shares of Micron Technologies have gained more than 553%, including 34% so far in 2026.
- In its Q2 2026 earnings report, the company announced quarterly revenue growth of 196% and earnings growth of 682%.
- Micron’s fiscal Q3 single-quarter revenue guidance exceeds the full-year revenue for every year in the company's history through fiscal 2024.
- Special Report: The Biggest IPO Ever: Claim Your Stake Today
It has been a difficult year for the tech sector — its more than 6% year-to-date (YTD) loss ranks fourth worst among the S&P 500's 11 sectors — but not every tech stock has suffered. Since their 52-week low on April 4, 2025, amid fallout from President Trump's tariff announcements and the market's ensuing reaction, shares of Micron Technologies (NASDAQ: MU) have climbed a staggering 553%. Your electric bill is up 42% since 2019, and utilities requested $31 billion in rate hikes last year alone. The culprit: AI data centers consuming power at a scale the grid was never designed to handle. The last time a bottleneck like this formed, three overlooked infrastructure stocks surged 1,700%, 1,900%, and 900% before Wall Street caught on. One analyst has identified the next candidate - earlier in the cycle, smaller, and positioned at a chokepoint that even the largest players cannot build around. See the one infrastructure stock Wall Street is about to chase The semiconductor company — which specializes in memory and storage solutions, including dynamic random access memory (DRAM), NAND flash, and high-bandwidth memory (HBM) — has seen its stock rise more than 34% YTD, with the latest boost coming after Micron reported blowout Q2 2026 earnings. Investors who have enjoyed the dramatic run-up are now asking how long the good times can last, and whether Micron can continue to defy the broader tech sector's weakness. Despite Corrections, Micron Continues to Climb In Q1 2024, Micron's market cap was $108.18 billion. One year later, that figure has more than quadrupled — now nearly $476 billion — placing the firm among a relatively small group of publicly traded mega-cap names. The saying "what goes up must come down" — often traced to Sir Isaac Newton — reflects gravity. Stocks are not subject to Newtonian physics, and few have defied gravity as consistently as Micron has lately. That run-up has not been without pullbacks. The stock experienced corrections of more than 18% in November, nearly 15% in both December and February, and nearly 14% between late February and early March. Time and again, Micron shares have recovered and pushed to new all-time highs. In early April 2025 the stock traded at $64.72; at the time of writing it is changing hands for a little over $400. Those gains cannot be tied to a single catalyst. Micron has benefited from multiple tailwinds. Most recently, on March 15 the company announced plans to build a second chip factory in Taiwan after completing the acquisition of Powerchip Semiconductor Manufacturing Corporation's P5 site in Tongluo, Miaoli County. "The new site will complement Micron's existing operations in Taiwan as an extension of the company's vertically integrated mega campus in Taichung," the company said in a press release. It will include "approximately 300,000 square feet of existing 300mm cleanroom space and will support Micron's efforts to expand supply of leading-edge DRAM products, including HBM, to meet growing AI-driven demand." AI Demand Is Powering Micron's Run of Earnings Beats Another recurring catalyst has been the company's strong earnings reports, many driven by the AI demand powering its growth. That has helped create a competitive moat for Micron and an impressive string of earnings beats. Since Q2 2016, the company has missed earnings expectations only twice. Put another way, over the past decade Micron has reported 39 earnings beats in 41 quarters. Most recently, the company reported a top- and bottom-line Q2 2026 beat on March 18, with revenue of $23.86 billion versus analyst expectations of $18.90 billion and earnings per share (EPS) of $12.20 versus expectations of $8.50. For context, one year earlier, in Q2 2025, EPS was $1.56 — a year-over-year increase of more than 682%. Quarterly revenue growth was also notable, rising more than 196% year over year. In his earnings call remarks, CEO Sanjay Mehrotra said quarterly revenue nearly tripled year over year, with record results across DRAM, NAND, HBM and all business units. Mehrotra added that Micron's "fiscal Q3 single-quarter revenue guidance exceeds the full-year revenue for every year in our company's history through fiscal 2024. For fiscal Q3, we anticipate exceptional records across revenue, gross margin, EPS, and free cash flow." The company's board also approved a 13% increase to Micron's quarterly dividend, with Mehrotra attributing the stronger results and outlook to rising AI-driven memory demand, supply constraints and solid execution. "Memory and storage solutions are at the heart of this AI revolution," Mehrotra added. What Wall Street Thinks About Micron Analysts remain bullish on Micron, assigning the stock a consensus Buy rating. With an average one-year price target of $453.55, MU could see potential upside of more than 12% from current prices, as earnings are expected to grow nearly 76% over the next year. Current short interest is negligible at less than 3%, suggesting there isn't a large, crowded bearish bet against the stock. Institutional ownership is high — around 81% — and buying exceeded selling in four of the past five quarters. | 
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