Bank of America projects Micron’s earnings per share to hit $236 by fiscal 2030, driven by 34% annual growth in AI memory demand.
Bank of America forecasts Micron’s earnings per share to reach $236 by fiscal 2030, reflecting a 34% annual growth rate. The projection hinges on sustained AI-driven demand for memory chips, particularly high-bandwidth memory (HBM), which requires significantly more wafer capacity per bit and keeps supply tight.
Micron reported $41.46 billion in revenue and an 85% gross margin in fiscal Q3 2026, up from 38% a year earlier. Despite this, the stock trades at roughly 6x forward earnings, as investors remain skeptical of long-term memory market stability. BofA’s model contrasts with consensus estimates, projecting $377.3 billion in sales by 2030 versus the $280.5 billion consensus.
The semiconductor industry’s history of boom-and-bust cycles fuels investor caution, but AI demand may extend Micron’s growth trajectory beyond traditional expectations. The firm’s valuation suggests undervaluation if the AI memory boom persists.