New York, New York
— September 22, 2025

Micron has been one of the hottest names on Wall Street this September, ending a 12-session win streak where shares surged 43%. Now, all eyes are on their upcoming Q4 earnings.

Analysts remain bullish despite the rally. For instance, Wedbush Securities reiterated its Outperform rating and boosted its price target to $200 (from $165). The optimism comes down to Micron’s core product: dynamic random access memory (DRAM), which makes up 80% of revenue.

Within DRAM, the real growth driver is high-bandwidth memory (HBM) — the specialized chips powering AI and next-gen computing. Over the past year, HBM has grown from nearly nothing to ~20% of Micron’s overall revenue. That’s a massive pivot toward AI demand, with customers like Nvidia, Apple, and Broadcom fueling sales.

Micron is also doubling down on U.S. manufacturing, with fabs in Idaho and plans for $100B in new facilities near Syracuse, NY. This positions them as a key American chipmaker in a strategically important sector.

For this quarter, Wall Street expects $11.2B in revenue (+43% YoY) and $2.79 EPS. Micron has only missed once in the past two years, so the bar is high.

The key risk? If hyperscaler customers start slowing AI CapEx, Micron’s momentum could stall. AI demand is driving the stock — and investors will be watching customer spending closely.

Stay tuned for a the earnings debrief posting in a few days.