If you had put Micron Technology on your watchlist a year ago and then gone on a very long vacation, you would have returned to a genuinely shocking brokerage statement. The chipmaker’s stock has surged nearly 700% over the past year, with shares climbing past the $1,000 mark by early July 2026, fueled almost entirely by one thing: the world’s insatiable appetite for artificial intelligence memory chips.
Why Micron is having its moment
The company’s high-bandwidth memory products, specifically its HBM3E chips and the next-generation HBM4, have become essential plumbing for AI accelerators like Nvidia’s GPUs. Without HBM, large language models cannot process data fast enough to be useful at scale.
Micron’s fiscal Q3 2026 earnings made that scarcity very clear. Net income surged roughly 15-fold year-over-year. Management also confirmed that the company’s entire 2026 HBM supply is already sold out, including both current-generation and next-gen products. That means every chip Micron plans to produce this year already has a buyer’s name on it.
The stock split question
