TLDR
- Micron stock rose 4%, closing at $974.33 on Thursday, lifted by its $10 billion AI memory research lab announcement in Boise, Idaho.
- Apple CEO Tim Cook and Nvidia CEO Jensen Huang publicly praised the announcement, adding momentum to the rally.
- S&P Global upgraded Micron’s credit rating to BBB+, citing rising confidence in AI-driven memory demand through 2028.
- BMO Capital initiated coverage with a Buy rating and $1,300 price target, calling Micron a play on a “long memory supercycle.”
- SK hynix’s $28.6 billion buyback plan also boosted the broader memory sector, giving Micron an added tailwind.
Micron Technology (MU) closed up 3.97% at $974.33 on Thursday, hitting an intraday high of $977.28. Volume came in at around 24.8 million, well below its average session volume.
The main driver was Micron’s announcement of a new AI memory research center in Boise, Idaho, called Micron Research Labs. The company plans to invest $10 billion into the facility over the next decade.
The lab will focus on next-generation chip design, advanced packaging, semiconductor scaling, and future memory architectures. It adds to more than $250 billion in previously announced U.S. manufacturing and research commitments.
The announcement drew public support from two of the most closely watched names in tech. Apple CEO Tim Cook and Nvidia CEO Jensen Huang both praised the move. Huang said rebuilding memory design is one of the hardest challenges of the AI era and pointed to Micron as helping lead that shift.
That kind of endorsement from Huang carries weight, given how closely tied Nvidia’s GPU roadmap is to high-bandwidth memory supply.
S&P Upgrade and BMO Initiation Add Fuel
S&P Global upgraded Micron’s credit rating to BBB+, pointing to growing confidence in AI-driven demand for memory semiconductors through 2028. The stronger rating reduces risk for institutional investors and supports Micron’s ability to fund its expansion plans.
BMO Capital also initiated coverage on Thursday with a Buy rating and a $1,300 price target. The firm described Micron as riding a “long memory supercycle” driven by tight supply and strong demand across all major product lines.
The broader memory sector got a lift too. SK hynix announced a roughly $28.6 billion share repurchase and cancellation plan, signaling confidence in tight supply conditions and strong AI-memory pricing. That move helped pull Micron higher alongside other memory names.
What the Numbers Say
Micron’s most recent quarterly results were hard to ignore. The company reported EPS of $25.11 for the quarter ending June 24th, beating the $21.39 consensus by $3.72. Revenue came in at $41.46 billion, against expectations of $35.91 billion.
That was a 345.8% jump in quarterly revenue compared to the same period last year.
For Q4 2026, Micron guided for EPS in the range of $30.00 to $32.00. Full-year analyst estimates stand at $72.93 EPS.
The stock’s 50-day moving average sits at $967.75, while its 200-day moving average is $690.43. Wall Street’s consensus price target is $1,259.97, based on 32 Buy ratings, 3 Strong Buy ratings, and 2 Hold ratings. A separate aggregation puts the average target at $1,569.07, implying over 65% upside from current levels.
There are some notes of caution. Insiders have sold over 162,000 units of stock valued at roughly $167.8 million in the past 90 days. Stanley Druckenmiller’s family office reportedly exited Micron during Q2. Micron also has no buyback program in place, unlike rivals.
BMO’s $1,300 price target was the most recent analyst action as of Thursday’s close.
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