Micron Stock Momentum Surges As Q2 Earnings Smash Estimates, CEO Sanjay Mehrotra Calls Memory 'Strategic Asset'

Micron Technology, Inc. (NASDAQ:MU) shares experienced a sharp surge as the stock’s momentum score jumped from 24.18 to 50.9 on a week-over-week basis. AI Memory Shortages Drive Revenue Surge Micron reported second-quarter revenue of $23.86 billion, surpassing analyst estimates of $19.94 billion, and adjusted earnings of $12.20 per share, versus the projected $9.21. CEO Sanjay Mehrotra said, "We are only able to supply, for our key customers in the midterm, about 50% to two-thirds of their requirements." Mehrotra emphasized that memory has become a "strategic asset" in the AI era, and supply-demand conditions for DRAM and NAND are expected to remain tight beyond 2026. The company is expanding its global manufacturing footprint to support growing demand. The Benzinga Edge Stock Rankings show that the company's medium- and long-term trends have turned positive, while the short-term trend remains negative, according to the latest data. Micron Stock Outlook Divides Analysts Amid AI Demand Daniel Newman, CEO of TheFutureGroup, called the company's roughly 5 times forward price-to-earnings ratio "pure unadulterated stupidity." $MU at roughly 5x forward PE is pure unadulterated stupidity. 😬😮💨— Daniel Newman (@danielnewmanUV) March 23, 2026 Hardik Shah shared on X that Baird maintained an "outperform" rating and raised its price target to $500, citing strong DRAM pricing and high HBM demand from AI chips through 2027. David Nicholas, CEO of Nicholas Wealth Management, noted that Micron has risen 50% since January and described it as a "picks and shovels" play on the AI boom. He added he will watch closely for post-earnings guidance amid an expected 9% market swing. Back on @Varneyco in January, Micron was $297 a share. It's up 50% since then.$MU is the picks and shovels play of the AI boom.The market expects a 9% swing after earnings, and I'll be listening closely to management on guidance. pic.twitter.com/9SJZZGfMAd— David Nicholas (@DavidANicholas) March 18, 2026 On Wednesday, Ross Gerber, CEO of Gerber Kawasaki Wealth & Investment Management, praised Micron. He called it a "very good chip company with insane growth ahead," trading at a 4 forward P/E. What’s Going On With Micron Stock? Micron Technology closed at $382.09, down 3.40% on Wednesday, and was trading down 2.69% in pre-market hours on Thursday. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo courtesy: Shutterstock