Micron shares jump over 300% in H1 2026 amid AI demand

Shares of Micron Technology have surged more than 300% in the first half of 2026, a historic rally that has placed the memory chipmaker at the center of Wall Street's artificial intelligence investment thesis. The stock closed at $1,145.28 on Monday, June 29, after briefly touching a 52-week high of $1,255 earlier in the month. This extraordinary performance follows a blowout third-quarter earnings report and has ignited a vigorous debate among analysts and investors about the stock's future trajectory.

The company's recent financial results underscore the dramatic shift in its fortunes. For the quarter ending in May, Micron reported revenue of $41.46 billion, a year-over-year increase of nearly 346%, and non-GAAP earnings per share of $25.11, significantly exceeding consensus estimates. Gross margins reached an all-time high of approximately 85%, a stark rise from 37.7% a year earlier. The company has also provided strong guidance, forecasting revenue of roughly $50 billion for its fiscal fourth quarter.

A key driver cited by bullish analysts is Micron's strategic pivot toward long-term customer agreements. The company has now signed 16 multi-year Strategic Customer Agreements,...