Micron, the WTF AI Mania Chart of the Year - Wolf Street

Micron Technology has experienced an unprecedented stock surge, with its share price rising 1,315% since April 3, 2025, and its market capitalization soaring from $72 billion to $1.01 trillion. This d... Read original →

Micron’s 1,315% surge in 48 trading days reflects speculative frenzy, not sustainable fundamentals. While HBM3E and 3nm EUV adoption boost its product roadmap, TSMC and Samsung’s lead in CoWoS packaging and HBM5 is narrowing Micron’s technological window. U.S. export controls to China—where Micron earns over 10% of revenue—are inflating supply chain costs and eroding market access. Competitors are responding decisively: SK Hynix is fast-tracking HBM4, while Samsung integrates GAA transistors with AI-optimized DRAM. Without a clear technology inflection by late 2027, Micron’s trillion-dollar valuation lacks anchoring. Memory cycles don’t vanish because of AI narratives; if server capex slows or HBM yield bottlenecks emerge within 12–24 months, this rally could trigger one of the sharpest corrections in semiconductor history.