Overview

• Micron shares have climbed roughly 80% in 2025 to near record highs, reflecting surging demand tied to AI infrastructure.
• Citi lifted its price target to $175 and reiterated a Buy rating, pointing to stronger data‑center DRAM demand and constrained output.
• The company’s HBM supply for 2025 is fully allocated, with expansion plans targeting roughly 20%–25% market share by year‑end 2025.
• HBM’s manufacturing requires about three times the wafers of standard DRAM, reinforcing supply bottlenecks as Micron supplies Nvidia’s Blackwell and AMD’s Instinct platforms.
• Micron reports fiscal Q4 on Sept. 23 with anticipated adjusted EPS of $2.62 and revenue of $11.2 billion, as investors weigh risks from SK Hynix’s HBM lead and memory cyclicality.