Micron Technology has surged over 300% in the past year as the AI boom drives unprecedented demand for high-bandwidth memory chips. The company's revenue is projected to double to $75.4 billion in fiscal 2026, with adjusted earnings per share quadrupling to $33.38, giving it a forward P/E ratio of just 12.

This surge is part of what analysts call a memory supercycle, with Micron's profits expected to reach roughly $35 billion this fiscal year. The current shortage is driven by massive capital expenditures from hyperscalers like Amazon, Microsoft, Alphabet, and Meta Platforms, who are collectively planning to spend over $600 billion on AI infrastructure this year. The supply-demand imbalance has pushed memory prices higher and is expected to continue through 2026.

While Micron's stock has already gained 840% from its 2022 trough, historical patterns suggest it could still double before the cycle peaks, potentially reaching $800 per share. However, investors should note that memory cycles have historically been short, with trough-to-peak periods lasting just a couple of years. The eventual downturn could be brutal given the recent surge, making this a high-risk, high-reward play in the AI infrastructure boom.