Not Nvidia, Not AMD. Micron Could Be September's Biggest AI Winner or Loser.

Micron Technology reports fiscal fourth-quarter earnings September 30, with memory-chip demand from AI infrastructure build-outs serving as the key driver. The stock has dropped 11% recently but trades at what analysts consider an attractive valuation ahead of the print, with expected revenue growth of 348% year-over-year and a tenfold increase in earnings.

Strong quarterly results from NVDA and AMD signal robust demand for the high-bandwidth memory chips MU supplies to AI server manufacturers. The company is positioned as a primary beneficiary of the AI infrastructure cycle, with its memory products critical to data center deployments.

The September 30 earnings call will likely focus on forward guidance for AI-related memory demand and pricing trends in the high-bandwidth memory segment. MU's valuation multiples have compressed despite the accelerating AI build-out, creating potential for significant repricing if management confirms sustained demand visibility into fiscal 2025.