Where Will Micron Stock Be in 2030?

Micron Technology posted record quarterly revenue of $41.5 billion with an 84.6% gross margin, then guided for approximately $50 billion in the following quarter. The chipmaker is banking on new customer contracts and its HBM4 and HBM4E AI-focused memory products to extend the current memory upcycle.

Despite the strong results, one analyst warns that the memory industry's cyclical nature makes downturns inevitable, regardless of near-term AI tailwinds. The analyst's base case values Micron between $800 and $1,100 per share by 2030, suggesting modest appreciation from current levels over the six-year horizon.

The revenue guidance represents a 20% sequential jump from already-record levels, underscoring demand for high-bandwidth memory in AI infrastructure. Micron's gross margin of 84.6% marks a significant expansion from prior cycles, reflecting premium pricing power in HBM products that support graphics processors and AI accelerators.

The 2030 price target range implies Micron will need to sustain elevated profitability well beyond typical memory cycles to justify current valuations, a scenario the analyst views as uncertain given historical boom-bust patterns in DRAM and NAND markets.