Micron Falls 6.3% Despite Nvidia CEO's Memory Demand Optimism; Analyst Sees 3x Upside

Micron Technology (MU) shares fell 6.3% to $856.49 on Thursday, erasing Wednesday's 2% gain, as renewed concerns over whether demand can sustain AI spending weighed on chip stocks — even after Nvidia (NVDA) CEO Jensen Huang said memory demand is unlikely to cool. Huang told CNBC that a memory oversupply is unlikely before 2029, saying, "The great thing about memory is you can always use more memory." Memory peers also sold off: SK Hynix's (SKHY) U.S. depositary receipts plunged 8%, while Sandisk (SNDK) and Western Digital (WDC) fell 8.5% and 6%, respectively. D.A. Davidson managing director Gil Luria reiterated a "Buy" rating and $3,000 price target, telling clients Micron could more than triple from current levels. "We believe Micron leads in memory technology, with a competitive moat far wider than the current valuation reflects," Luria said Wednesday. The firm cited Micron's positioning across DRAM, NAND flash and high-bandwidth memory (HBM).