By Adam Clark

Micron Technology was gaining early Wednesday as the company dismissed concerns about competition in the next generation of high-bandwidth memory chips and a Wall Street firm weighed in positively on the stock.

Micron shares were up 8.9% at $406.38 in early trading. Micron Chief Financial Officer Mark Murphy said at an industry conference that it has begun volume production and commercial shipments of the latest generation of high-bandwidth memory chips, known as HBM4.

"We're thrilled with our HBM performance," Murphy said.

That could soothe worries that Micron's South Korean memory-chip rivals SK Hynix and Samsung Electronics will steal a march when it comes to HBM4. The technology is expected to be used in cutting-edge artificial-intelligence chips from the likes of Nvidia.

Additionally, Morgan Stanley analyst Joseph Moore raised his target price on Micron stock to $450 from $350 in a research note Wednesday, reiterating an Overweight rating. He argued that while SK Hynix is set to supply HBM4 products to Nvidia in the first quarter of this year, Micron should be able to do the same from the second quarter.

Surging demand for HBM chips, which carry higher margins than typical memory components, has been a big part of the reason Micron's share price has more than quadrupled in the past 12 months. It has also led to shortages of other types of memory chips, driving up prices across the sector.

"With another round of significant price increases coming in Q1 and still indications that supply growth in 2026 will do little to alleviate the intense shortage we expect further pricing increases through this year," Moore wrote.

Write to Adam Clark at adam.clark@barrons.com

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February 11, 2026 09:43 ET (14:43 GMT)

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