Why Micron Technology Stock Soared 304% in the First Half of 2026 and Why There Might Be More to Come

Micron Technology (MU) surged 304% in the first half of 2026, powered by AI-driven demand for memory and storage chips that delivered triple-digit revenue growth across consecutive quarters.

The company reported Q2 revenue up 196% year-over-year, followed by Q3 revenue up 346% year-over-year. Earnings per share climbed more than 13-fold during the period. Management issued Q4 guidance calling for $50 billion in revenue and $31 in EPS, projecting continued triple-digit growth.

Micron has locked in long-term supply contracts with major customers extending through 2030, providing revenue visibility as AI infrastructure buildouts accelerate. Despite the stock's run, shares trade at 21x earnings—a relatively modest valuation given the growth trajectory.

The memory sector has tightened as hyperscalers and AI chip manufacturers compete for high-bandwidth memory capacity. Micron's position as one of three major DRAM producers globally has enabled pricing power alongside volume growth.