Micron Rides AI Memory Upcycle as Capex Expands
Micron Technology is positioned in an AI-driven upcycle, with Q1’26 revenue up 57% year over year and robust AI-memory demand from cloud data centers and flagship devices. The company is ramping capital expenditure to about $20 billion in FY26 to expand HBM and DRAM supply, with 2026 HBM volumes already sold out, supporting long-term growth. Despite recent gains, MU looks undervalued with a forward PEG around 0.24, though AI demand dynamics and geopolitical risks remain key watchpoints.
