On September 21, Micron Technology rose 3.1% in regular trading, trading at $1,060.45/share, with turnover of $4.926 billion. The rally was primarily driven by fresh evidence of a deepening memory super cycle, with Bank of America raising its long-term semiconductor and memory market forecasts.

According to the latest industry data, DRAM and NAND contract prices rose 20-30% quarter-over-quarter in the third calendar quarter, while hyperscale customers have already signed agreements accepting further price increases into Q1 next year. Bank of America raised its DRAM average selling price forecast for fiscal years 2027-2028 by 8-12% and NAND by 2-3%, lifting its 2030 global memory total addressable market estimate from $1.8 trillion to $2.0 trillion, projecting a 21% CAGR for combined DRAM and NAND sales through 2030. Separately, analysts forecast Micron's fiscal 2027 profit could surpass that of Microsoft, while TD Cowen maintains a $1,600 target price based on a 9x forward earnings multiple.

Supply-side constraints remain a key driver, as Micron executives noted that meaningful new capacity will not ramp until 2028. The company also unveiled the world's first 512GB DDR5 RDIMM module and commenced commercial production at its India packaging facility, reinforcing its technology and capacity leadership. Micron's next earnings report is scheduled for September 30, with consensus EPS of $31.24.

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