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Today's Bonus Story After Blowout Earnings, How Much Higher Can Micron Go?Authored by Jessica Mitacek. Published: 3/24/2026. 
Key Points - Since 2025’s tariff tantrum, shares of Micron Technologies have gained more than 553%, including 34% so far in 2026.
- In its Q2 2026 earnings report, the company announced quarterly revenue growth of 196% and earnings growth of 682%.
- Micron’s fiscal Q3 single-quarter revenue guidance exceeds the full-year revenue for every year in the company's history through fiscal 2024.
- Special Report: The Biggest IPO Ever: Claim Your Stake Today
While it has been a difficult year for the tech sector—whose more than 6% year-to-date (YTD) loss ranks fourth worst among the S&P 500's 11 sectors—that has not been true for every stock in that corner of the market. Since their 52-week low on April 4, 2025, amid the fallout from President Trump's broad tariff announcements and the market's ensuing tariff tantrum, shares of Micron Technologies (NASDAQ: MU) have rallied an astonishing 553%. The semiconductor company—which specializes in memory and storage solutions, including dynamic random access memory (DRAM), NAND flash, and high-bandwidth memory (HBM)—has seen its stock surge more than 34% YTD, with the latest boost coming after Micron reported blowout Q2 2026 earnings. For investors who have enjoyed the dramatic run-up, many are asking how long the good times can last and whether Micron can keep outperforming the broader tech sector. Despite Corrections, Micron Continues to Climb In Q1 2024, Micron's market cap was $108.18 billion. One year later that figure has more than quadrupled, now approaching $476 billion and placing the firm among only a few dozen publicly traded mega-cap names. The adage "what goes up must come down" is often attributed to Sir Isaac Newton. While physical objects are pulled back to Earth by gravity, stocks don't obey Newton's law—at least not always—and few recent examples illustrate that better than Micron. The company's gains over the past year have not been linear. Along the way the stock endured corrections of more than 18% in November, nearly 15% in both December and February, and roughly 14% between late February and early March. Yet time and again, Micron shares have recovered and pushed to new all-time highs. To illustrate, in early April 2025 the stock traded at $64.72; at the time of writing, shares are changing hands for just over $400. No single catalyst fully explains that move. Instead, Micron has benefited from multiple tailwinds. Most recently, on March 15 the company announced plans to build a second chip factory in Taiwan after completing the acquisition of Powerchip Semiconductor Manufacturing Corporation's P5 site in Tongluo, Miaoli County. "The new site will complement Micron's existing operations in Taiwan as an extension of the company's vertically integrated mega campus in Taichung," the company said in its press release. It will include "approximately 300,000 square feet of existing 300mm cleanroom space and will support Micron's efforts to expand supply of leading-edge DRAM products, including HBM, to meet growing AI-driven demand." AI Demand Is Powering Micron's Run of Earnings Beats Another recurring catalyst has been the company's strong earnings, many fueled by AI demand that continues to drive growth. That has helped create a competitive moat for Micron and an impressive string of earnings beats. Since Q2 2016, the company has missed earnings expectations only twice—meaning Micron has reported 39 earnings beats in 41 quarters. Most recently, Micron delivered a top- and bottom-line Q2 2026 beat on March 18, with revenue of $23.86 billion versus analyst expectations of $18.90 billion and earnings per share (EPS) of $12.20 versus expectations of $8.50. For context, one year earlier in Q2 2025 EPS was $1.56—a year-over-year increase of more than 682%. Quarterly revenue growth also stood out, rising more than 196% year over year. In his earnings call remarks, CEO Sanjay Mehrotra said quarterly revenue nearly tripled year over year, with record results across DRAM, NAND, HBM, and all business units. Mehrotra added that Micron's "fiscal Q3 single-quarter revenue guidance exceeds the full-year revenue for every year in our company's history through fiscal 2024. For fiscal Q3, we anticipate exceptional records across revenue, gross margin, EPS, and free cash flow." Adding to the positive outlook, the company's board approved a 13% increase to Micron's quarterly dividend, with Mehrotra attributing the stronger results and outlook to rising AI-driven memory demand, supply constraints, and solid execution. "Memory and storage solutions are at the heart of this AI revolution," Mehrotra said. What Wall Street Thinks About Micron Analysts remain broadly bullish on Micron, assigning the stock a consensus Buy rating. With an average one-year price target of $453.55, MU could see potential upside of more than 12% from current prices as earnings are expected to grow nearly 76% over the next year. Current short interest is low at under 3%, suggesting there isn't a large, crowded bearish bet against the stock. Institutional ownership is high—around 81%—and institutional buying exceeded selling in four of the past five quarters. | 
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