Micron Stock Surges 334% to $1,040 on Strong Earnings, Robust Memory Demand

Micron Technology (MU) shares have soared 334% in the past six months, hitting a 52-week high of $1,040 on June 2, 2026, following strong quarterly results that underscored booming demand for memory chips. The rally leaves the stock trading at 10.3 times forward earnings. The Boise, Idaho-based semiconductor maker posted a five-year compound annual revenue growth rate of 19.9%, outpacing the average peer. Over the last two years, Micron averaged a 38.3% operating margin, reflecting tight cost controls and pricing power in a cyclical industry. Earnings per share grew at a 43% CAGR over five years, exceeding revenue growth and signaling expanding profitability as the company scaled. Investors are now weighing whether the valuation still offers upside after the run-up, given Micron's exposure to data centers, mobile devices, and automotive markets.