It's been a tough few months for Micron Technology stock but that doesn't mean the memory-chip boom is waning. All the signs are that shortages are only getting worse ahead of Micron's earnings later this month which is the next big hope in terms of lifting the shares.

Just listen to executives from Dell Technologies, which reported earnings late Tuesday and said demand for its artificial-intelligence servers was outstripping supply with one main culprit-memory.

"The constraints remain the same. DRAM, DRAM, DRAM, followed by NAND, NAND, NAND," Dell's COO Jeffrey Clarke told analysts on an earnings call.

That should be music to the ears of Micron investors. Contract prices for dynamic random-access memory (DRAM)-which accounts for about three quarters of Micron's revenue-are set to climb more than 50% this quarter from the previous quarter, according to analysis by Susquehanna. NAND flash memory-high-density flash storage known for its fast data transfer speeds and low power consumption-prices are set to rise 60%.

But Micron shares were down 0.9% in premarket trading Wednesday. The stock is down more than 13% over the past three months, although it has risen nearly 700% in the past 12 months.

Micron won't feel the full benefit of the memory-chip price surge in its fiscal fourth-quarter earnings, due Sept. 30. The company has locked in some prices via long-term supply agreements, sacrificing some profit in exchange for guaranteed margins.

Still, enough of Micron's business is exposed to the rise that an already cheap stock-trading at a forward price-to-earnings ratio of six times according to FactSet-could look like a bargain ahead of its results. Barron's previously argued Micron could double in price when it was trading around above $1,100.