S&P 500 on the Brink of Record High
Get a jump start on the US trading day with Matt Miller, Katie Greifeld and Sonali Basak on "Bloomberg Open Interest." Nvidia to extend gains after closing at record while Micron outlook fails to fuel further rally. Analysts are focusing on high-bandwidth memory, one of the major components of the data center expansion. PayPal CEO Alex Chriss discusses PayPal's new partnership with colleges for athlete payments. (Source: Bloomberg)
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Wall Street is finally catching up to what investors betting on AI infrastructure already knew: Micron (MU) is not just back, it's breaking records. Stifel just raised its price target to $145 from $130 following a monster earnings print and a rosy outlook, joining a chorus of firms that now see Micron as a core beneficiary of the AI memory boom. Confident Investing Starts Here: The new target implies nearly 14% upside from current levels, but some analysts say that still doesn't price in the full story. Record Revenue. HBM Frenzy. And More to Come. Micron's Fiscal Q3 revenue hit $9.3 billion, handily beating expectations of $8.84 billion and marking a sharp leap from $8.05 billion last quarter, and $6.81 billion the year before. DRAM revenue reached all-time highs, HBM demand nearly doubled quarter-over-quarter, and the company is forecasting Q4 revenue of $10.7 billion. Yes, $10.7 billion. That would be up 15% sequentially, a jaw-dropping figure for a chipmaker in what's historically been a cyclical memory game. But this isn't just another cycle. We're in an AI boom, and Micron is one of the frontrunners with the kind of product mix Wall Street loves. HBM, the high-bandwidth memory that powers AI models at data centers, is a standout. Even DRAM for consumer devices saw sequential strength, signaling broad-based momentum. Analysts Raise Price Targets for Micron Stock Stifel wasn't the only one to take notice. Piper Sandler's Harsh Kumar bumped the target to $165. KeyBanc's John Vinh followed at $160. Raymond James analyst Srini Pajjuri lifted his to $150. And Barclays' Tom O'Malley made one of the boldest moves of the bunch, hiking his price target to $140 from just $95. Yes, that's a $45 jump in one shot. Why the optimism? Analysts see three overlapping catalysts: AI-driven infrastructure spend: HBM is the 'picks and shovels' trade in the AI gold rush. Margin strength: Micron guided for 42% gross margins next quarter, well ahead of expectations. Product mix shift: Higher-value chips are gaining share — a margin tailwind into year-end. Even with shares up 50% year-to-date, bulls argue the valuation still lags the growth trajectory. HBM4 and U.S. Investment Ramp-Up Micron just began shipping its HBM4 chips, the next-gen memory for cloud AI, and announced plans to invest an additional $30 billion in U.S. manufacturing and R&D. That brings its total U.S. commitment close to $200 billion. Gone are the days of Micron as a basic memory supplier. It's now a core player in AI infrastructure, armed with capital, demand, and direction. Micron's Run Is Not Over If you think Micron's run is done, check your assumptions. What looked like a cyclical rebound last year has turned into a structural shift. From Nvidia's GPUs to AMD's accelerators, every AI model needs memory that is fast, stacked, and power-efficient. Micron is one of the few players delivering that at scale. Micron might be a memory company by name. But in 2025, memory is the trade. Is Micron a Good Stock to Buy Today? According to TipRanks data, Micron (MU) holds a 'Strong Buy' rating based on 16 analyst reviews over the past three months. 14 analysts rate it a Buy, two say Hold, and none recommend a Sell. The average 12-month MU price target sits at $135.81, suggesting a 6.7% upside from the current price of $127.25.
