Micron Bets on AI Memory Boom to Reach $1,250 by 2031

Micron Technology posted Q1 FY2026 revenue of $13.643 billion (up 56.6% YoY) with its Cloud Memory Unit near a 66% gross margin. A bullish scenario envisions MU climbing to about $1,250 per share by 2031 if hyperscaler AI demand sustains high HBM pricing (HBM margins above 60%), FY2027 EPS exceeds $20, and the AI memory cycle persists, though risks include memory downturns and NAND oversupply. The current forward P/E remains rich, making the upside contingent on AI infrastructure dynamics.