Micron Technology (NASDAQ: MU) received a bullish update from Deutsche Bank as analyst Melissa Weathers maintained a Buy rating and raised the price target to $1500 from $1000. This adjustment aligns with a broader wave of optimism on Wall Street, where TD Cowen recently lifted its target to $1500 from $660, RBC Capital increased its forecast to $1200 from $525, and Wolfe Research set a new target of $1,250. The stock currently holds a Buy rating with a consensus price target of $927.29.

Analyst Forecasts Move Higher

Wolfe Research projects fiscal 2027 revenue of $226.5 billion and earnings of $135 per share, driven by memory demand expected to outpace supply through at least 2027 due to limited cleanroom capacity. The firm anticipates high-bandwidth memory (HBM) pricing will rise as suppliers seek margins closer to traditional DRAM products. Other firms have followed suit; Goldman Sachs lifted its target to $900 with a Neutral rating, while Wells Fargo raised its forecast to $1,220 with an Overweight rating.

Earnings Remain the Next Major Catalyst

Investors are focused on Micron’s earnings report scheduled for June 24. Analysts project earnings of $19.46 per share, a significant increase from $1.91 in the prior-year period. Revenue is expected to reach $34.07 billion, compared with $9.30 billion a year earlier.

Micron Technical Picture Remains Bullish

Micron continues to trade in a strong long-term uptrend, sitting 12.2% above its 20-day simple moving average of $882.85 and 162.5% above its 200-day moving average of $377.38. The moving-average structure remains constructive, with the 20-day average above the 50-day average, and the 50-day average above the 200-day average. However, momentum has cooled as the MACD indicator remains below its signal line, suggesting potential consolidation. The next key resistance level is near $1,089.50.

Perplexity AI co-founder and CEO Aravind Srinivas has predicted that semiconductor giant Micron Technology Inc. could soon surpass Meta Platforms Inc. in market capitalization. Srinivas argues that global tech dominance is shifting entirely toward hardware providers, explaining that severe physical supply chain constraints have become the primary factor determining Wall Street’s biggest artificial intelligence winners.

Speaking in a recent podcast with Harry Stebbings, Srinivas explained that software platforms and AI models are facing rapid commoditization, shifting true economic leverage back to physical infrastructure. The massive rise of autonomous AI agents has triggered an insatiable demand for high-performance memory (HPM) and enterprise processors, causing hardware supply chains to tighten globally.

Capitalizing On Hardware Choke Point

Srinivas asserted that hardware suppliers hold absolute pricing power because market demand vastly outstrips global manufacturing capacity. He noted that whatever is the bottleneck will command the price, dismissing assertions that memory and infrastructure stocks have already peaked. This ongoing hardware deficit is poised to disrupt the traditional hierarchy of trillion-dollar tech giants.

Shifting Big Tech Valuations

Srinivas pointed out that Micron is rapidly closing the valuation gap with major software and social media platforms, a trajectory driven by critical shortages that have already seen certain component costs surge fivefold. “It might not be inconceivable that Micron, the supplier of HPMs, might be more valuable than Meta in the next 6 to 12 months,” Srinivas stated. While consumer platforms face heavy capital expenditure costs to maintain engagement, memory manufacturers directly control the essential components required to keep the global AI ecosystem running.

The New Infrastructure Economy

According to the CEO, long-term market value belongs exclusively to companies that solve the physical friction of AI scale. As public resistance and power grid limitations slow down data center buildouts, physical hardware layers will remain structural choke points. Consequently, institutional investors are expected to steadily reallocate capital away from traditional software providers to fund the hardware anchoring the AI boom.

MU Performance Metrics

Shares of MU closed 6.18% lower at $1,020.76 apiece on Tuesday and were up 3.50% in premarket trading on Wednesday. Benzinga’s Edge Stock Rankings indicate that MU maintains a strong price trend in the long, medium, and short terms, with a poor value score.