TLDR
- Micron closed up 6.1% at $1,016.59 on Friday, crossing back above $1,000 for the first time since August 17.
- Asian memory chip rivals SK Hynix and Samsung rose 8.3% and 5.7% respectively in South Korean trading Monday.
- Micron reports fiscal Q4 earnings on September 30, with revenue projected to surge to $50.41 billion from $11.32 billion a year ago.
- Adjusted EPS is expected to jump to $30.89 from $2.84 in the same period last year.
- Management has said the memory chip supply shortage is unlikely to ease until after 2027, keeping Micron in a strong pricing position.
Micron Technology (MU) closed at $1,016.59 on Friday, up 6.1% on the day and back above the $1,000 mark for the first time since August 17. The move puts the stock in focus ahead of its fiscal fourth-quarter earnings report on September 30.
U.S. markets were closed Monday for Labor Day, but the mood in Asia was positive. Memory chip rivals SK Hynix and Samsung Electronics gained 8.3% and 5.7% respectively in South Korean trading, a sign the sector is gaining momentum heading into the week.
Micron has had a remarkable run. The stock is up nearly 700% over the past 12 months, and it is now trading at just 6 times forward earnings, which looks cheap on the surface.
That low valuation comes with a reason, though. There is real uncertainty about what happens to memory chip pricing once new supply hits the market in late 2027 and into 2028. That unknown is keeping the market cautious.
What to Expect from September 30 Earnings
Wall Street is expecting a big number. Revenue is projected to hit $50.41 billion for the fiscal fourth quarter, up from $11.32 billion in the same period a year ago, according to FactSet.
Adjusted earnings per share are forecast to come in at $30.89, compared to just $2.84 a year earlier. That would be a staggering year-over-year jump.
The driving force behind those numbers is the ongoing memory chip shortage. AI hyperscalers have consumed all available memory chip capacity, and then some, as the data center build-out continues at pace.
Micron’s management said in Q3 that it does not see the supply crunch easing until after 2027. That leaves the company well placed to keep pushing prices higher in the near term.
New Production Facilities Won’t Come Online Overnight
Micron is building new production facilities, but those will not be ready until late 2027 at the earliest. When they do come online, it is unclear whether the new supply will be enough to fully meet surging AI demand, or whether it could tip the market back toward oversupply.
That uncertainty is exactly why the stock is trading at such a low forward multiple despite the strong earnings outlook.
Barron’s has previously argued Micron could double from levels around $1,100. The stock still sits below that point, giving bulls room to make that case again.
The next hard data point comes on September 30. Over the past several quarters, Micron has consistently delivered strong results, and analysts see no reason for that to change.
The stock closed Friday at $1,016.59, with the 52-week range sitting between $128.40 and $1,255.00.
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