Micron Approaches $1 Trillion as UBS Forecasts $1.8 Trillion Over 12 Months
May 27, 2026 – 10:23 am
Timothy Arcuri of UBS raised his price target for Micron Technology shares to $1,625 from $535, implying a market value nearing $1.8 trillion if the prediction holds over the next year. This is the highest target among 46 analysts covering the stock.
Arcuri’s argument goes beyond the typical cyclical price surge driven by AI demand. UBS believes long-term supply agreements between memory manufacturers and their largest clients, such as hyperscalers and Nvidia, will compress memory’s traditional boom-bust cycle into a more stable pattern akin to a utility service.
They estimate that up to 30% of global DDR memory volumes are already tied to pricing agreements, ensuring years of visibility for memory makers. This shift transforms Micron from a cyclical commodity producer into an AI infrastructure investment with projected earnings per share exceeding $100 annually through at least 2029.
The current market cap around $1 trillion seems conservative given these projections.
While SK Hynix currently dominates the HBM4 supply for Nvidia’s Vera Rubin platform, UBS believes Micron will gain ground in the higher-end tier over the next 18 months as Samsung and SK Hynix struggle to meet demand. The thesis suggests that a third source is preferred by customers for risk mitigation, even if it offers lower pricing.