Micron (MU) Stock; Gains 5% as Analysts Look Past Nvidia HBM4 Snub

TLDRs;

• Analysts raise price targets on Micron despite Nvidia bypassing its HBM4 chips.

• Micron remains a top global HBM supplier, supplying AI inference workloads.

• Company secured 2026 HBM4 production deals and began early shipments.

• Samsung and SK Hynix lead Vera Rubin allocations, but Micron may join later.

NEW YORK, March 9, 2026 – Micron Technology (MU) shares surged 5% on Monday, reflecting investor confidence despite news that Nvidia’s Vera Rubin AI system will initially skip the chipmaker’s HBM4 products. Wall Street analysts have maintained bullish forecasts, signaling that Micron is well-positioned to benefit from the growing AI memory market even amid competitive headwinds.

The spotlight is now on Micron’s upcoming fiscal Q2 earnings report, scheduled for March 18, which could clarify the company’s role in the expanding high-bandwidth memory (HBM) landscape.

Wall Street Remains Bullish

Shares of Micron traded around $378.78 during Monday afternoon sessions. Citi and Susquehanna both raised their price targets in response to the AI-driven memory cycle outlook. Citi boosted its target to $430, while Susquehanna projected $525.

Micron Technology, Inc., MU

Analysts cited strong DRAM demand in data centers and high-performance computing as key drivers for Micron’s stock resilience, suggesting that initial exclusion from Nvidia’s top-tier HBM4 supply won’t materially dampen revenue growth.

Micron’s Strategic Role in AI Memory

High-bandwidth memory is critical for AI accelerators, enabling faster computations for both training and inference workloads. While Nvidia opted for Samsung Electronics and SK Hynix for the Vera Rubin platform’s main HBM4 supply, Micron is slated to provide HBM4 for the Rubin CPX line.

These chips focus on inference tasks rather than large-scale model training, ensuring that Micron still participates in the AI memory boom. Analysts argue that even partial allocations could allow the company to capture significant market share in the high-demand segment.

Production and Supply Assurance

Micron has consistently emphasized that its 2026 HBM4 production is fully committed through volume and pricing agreements made last December. CFO Mark Murphy confirmed in February that shipments had started a quarter ahead of schedule, underscoring confidence in the chips’ performance and reliability.

This early delivery positions Micron to meet the rising AI memory needs of global clients while avoiding disruptions in its production pipeline.

Competition and Potential Risks

The HBM4 sector remains highly competitive. Samsung has already shipped HBM4 to clients, and SK Hynix completed internal certifications to support its supply. If Micron is excluded from the first Vera Rubin launch, it may need to rely on secondary allocations or alternative programs as production scales.

Additionally, any slowdown in HBM demand could push suppliers back to standard DRAM production, potentially putting downward pressure on pricing. Despite these risks, analysts maintain optimism for near-term revenue growth fueled by AI-driven demand.

Citi projects that DRAM demand will increase 171% in 2026 versus 2025, while Susquehanna warns that earnings could peak by mid-2027 as supply-demand dynamics normalize. Analysts like Richard Windsor suggest Micron may be brought on board for later Vera Rubin shipments, mitigating concerns over initial exclusions.

With investors awaiting the March 18 earnings report, the market will soon assess whether Micron’s strategy, early shipments, and locked-in production deals can sustain growth despite competitive challenges.

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