Micron (MU) stock hits all-time highs as memory chips rise parabolically

TLDR

• Micron stock is up nearly 38% this week — its best weekly gain since December 2008.
• The stock closed Friday at $746.81, rising more than 15% on the day alone, hitting a new all-time intraday high of $712.82.
• Micron’s market cap exceeds $840 billion, surpassing JPMorgan Chase.
• This rise is due to the global shortage of memory chips, which has pushed prices and margins higher.
• Micron’s 2026 production capacity has been completely sold out.

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Micron Technology (MU) had a week that will be talked about for a while.

The stock closed Friday at $746.81, up more than 15% on the day. For the week, MU gained nearly 38% — its best weekly performance since December 2008, when it was trading at less than $5 a share after the Great Recession.

Micron Technology Inc., MU

This is not a typo.

The stock is up nearly 147% year to date and is up more than 84% in the past month alone. Micron’s market cap now stands at more than $840 billion, putting it ahead of JPMorgan Chase. It took Micron more than 41 years to build its first $200 billion market cap. She added the same amount in one week.

The stock hit a new all-time intraday high of $712.82 on Friday, based on data going back to 1984.

What’s leading the way?

The short answer: a global shortage of memory chips.

Demand for DRAM and NAND — the two main types of memory — has been surging as hyperscalers pour money into AI data centers. Total capital expenditures from major cloud players could exceed $1 trillion by the end of next year, according to estimates from Bank of America and Evercore.

micron, Samsung, and SK Hynix Together they produce more than 90% of the world’s dynamic random access memory (DRAM). This concentrated supply, coupled with growing demand, has given memory makers significant pricing power.

Micron’s 2026 capacity is completely sold out.

Mizuho analyst Vijay Rakesh noted that Micron “remains well positioned across the memory landscape with leading DRAM nodes helping to reduce costs year over year.”

The enthusiasm is not limited to Micron. AMD shares rose 26% during the week, touching a new 52-week high. Intel shares have jumped 25% and more than doubled over the past month. Sandisk stock rose more than 16% on Friday.

Individual investors are taking notice

Retail trade in Micron I snapped sharply. Net buying reached a two-year high in mid-April, according to Vanda Research.

“Micron is capturing a much larger share of retail flow and interest,” said Viraj Patel, a strategist at Vanda.

Samsung joined the trillion-dollar valuation club this week. SK Hynix is ​​reportedly fielding investment offers from global technology companies looking to finance new memory production lines.

On recent earnings calls, companies, from Meta Platforms to CoreWeave, cited rising component costs as a reason for increased spending — a direct result of the shortages.

Not everyone is convinced that the momentum is permanent. Carolyn Bell, lead portfolio manager at Stonehage Fleming, described it as a cyclical phenomenon associated with the current phase of data center construction. Others on Wall Street argue that Micron is being repositioned as a high-growth AI infrastructure stock rather than a traditional cyclical chip stock.

Micron is now the 12th largest U.S. company by market capitalization, just behind Eli Lilly at $900 billion.