Micron Technology stock was flatlining early Monday. The memory-chip maker is still contending with fears of a cyclical peak in its earnings but prices tell a different story.

Micron shares were down 0.3% at $1,072.45 in premarket trading. The stock didn't get much of a lift from blowout earnings last week, with investors seemingly still skeptical about the sustainability of soaring profits.

But the numbers suggest memory prices will only keep rising. The latest set of figures from World Semiconductor Trade Statistics showed memory sales increasing 36% in August, driven by both stronger shipment volumes and pricing. The prices of DRAM and NAND rose 8% and 5%, respectively.

DRAM is short-term working memory that computers and AI hardware use to manage active data and running processes. It makes up about three quarters of Micron's revenue. NAND flash memory is used for longer-term storage.

Backward-looking numbers might not be much comfort for nervous investors, but analysts expect the memory-chip boom to keep going. DRAM prices are set to rise between 15% and 20% in the fourth quarter, with NAND prices poised to rise between 12% and 20%, according to Brad Gastwirth, global head of research and market intelligence at Circular Technologies.

"Memory remains the clearest quantitative signal in our October work. Pricing continues to move higher even as consumer end markets weaken, while long term supply agreements remain a major part of customer conversations," Gastwirth wrote in a research note Friday.

As memory prices keep going up, Micron stock only looks cheaper-even if the market remains doubtful.