Micron Technology shares have rebounded 10% from their recent lows, recovering from a nearly 40% decline from the all-time high to around 30% off. The memory chip maker is benefiting from a massive demand wave from artificial intelligence that is tightening supply and boosting prices for its NAND and DRAM products. Management expects the memory chip market to remain tight beyond 2027, and Wall Street consensus projects earnings per share of $155.56 for fiscal 2027. Applying a 20 times earnings multiple would imply a stock price over $3,100, potentially turning a $5,000 investment into more than $19,000 by mid-2027.
