Micron Technology (MU), a memory chip manufacturer, has recently seen several Wall Street institutions raise its profit forecasts, while also receiving public endorsement from its major customer NVIDIA (NVDA), highlighting the ongoing boost to its business from the AI boom.

According to market reports, at least five investment banks have raised their target price and earnings per share estimates for Micron following its latest quarterly results. Analysts widely agree that Micron's positioning in data center DRAM and high-bandwidth memory is consistently delivering on growth expectations, with its HBM products deeply embedded in NVIDIA's AI computing system supply chain. NVIDIA executives publicly stated at a recent industry conference that Micron is a key partner in its HBM supply chain and expressed approval of its capacity expansion plans and technology roadmap.

Micron's previously released financial report showed that, driven by demand for AI chips, its HBM product sales have grown for three consecutive quarters, with the company's overall revenue and profit exceeding Wall Street expectations. The company's continued investment in advanced technology and packaging is translating into tangible pricing power and market share gains, and it is expected to continue benefiting from the ongoing expansion of AI infrastructure investment in the coming quarters.

Micron also stated that it is expanding its HBM production capacity in the United States and Asia to meet the growing order demand from customers like NVIDIA. Industry analysis predicts that the overall HBM market will maintain an average annual growth rate of over 50% in the next two years, with Micron, as one of the three major suppliers, well-positioned to benefit. Furthermore, Micron recently announced that its next-generation HBM4 product has been successfully taped out and completed early validation with key customers, with mass production expected to begin in the second half of 2027. This development is seen by the market as a significant signal of its competitive advantage in the next-generation HBM race.

NVIDIA's public support has further boosted market confidence. Several institutions believe that this customer endorsement will strengthen Micron's position within the AI memory supply ecosystem and could drive further valuation recovery. However, some analysts caution that cyclical fluctuations in the chip industry and the pace of HBM capacity expansion remain factors to watch; if the growth rate of end-market AI investment slows, the supply-demand dynamics in the memory chip market could shift. So far this year, Micron's stock price has accumulated gains of approximately 45%, with its market capitalization stabilizing above $150 billion.