New York, New York
— September 25, 2025

“We expect trillions of dollars to be invested in AI and a significant portion of which will be spent on memory. As the only US-based manufacturer of memory, Micron is uniquely positioned to benefit from the AI opportunity ahead.”
– Micron CEO Sanjay Mehrotra

Micron just reported a record $11.3 billion in revenue, beating analyst expectations and posting strong guidance for both the quarter and year ahead. Yet despite the impressive performance, Micron stock is down about 5% this week.

Here are today’s game notes breaking it down:

• Micron = AI Play: Wall Street sees Micron almost entirely as a bet on AI’s future. If mega-customers like Meta, Amazon, and Nvidia keep building out AI infrastructure, Micron wins. If that spending slows, the stock faces downside.
• Pricing Power: With demand rising, Micron has room to raise prices. From a Porter’s Five Forces perspective, buyer power has shifted in Micron’s favor.
• Execution: The company is expanding factories, improving margins, launching sophisticated AI-focused memory products, and capturing value from rising demand.

So how do we see it? Micron is volatile, but for long-term investors the trend line remains positive. Wedbush raised its price target to $220 (from $200) after the call, while TipRanks shows a $194 average target — signaling about 25% upside.

For more context, check out our Micron earnings preview where we dig into their products and role in the AI stack.