Micron Technology (NASDAQ: MU) has been one of the breakout successes in an otherwise volatile year for artificial intelligence (AI) stocks.
The semiconductor company — which makes high-bandwidth memory (HBM) chips and solid-state drives for AI accelerators, data centers, computers, automotive systems, and smartphones, among others — has been on a rocket ride
The stock soared to $1,079 per share on June 3, up 278% from the start of the year and up a staggering 918% over the past 12 months. As one of just a handful of leaders in providing HBM chips for data centers and AI accelerators, Micron has been in high demand as the explosion in data centers has facilitated the need for memory chips. Micron has already sold out of its HBM chips for 2026, and the massive demand has allowed Micron to raise its prices, which has led to surging revenue and margins.
In the most recent quarter (Q2 2026), Micron’s revenue surged 195% year over year to $23.9 billion. Just in the quarter alone, revenue spiked 76% from the previous quarter. Its gross margin in the cloud memory business increased to 74%, up from 55% in the same quarter a year ago.