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Micron Stock Is Up Over 260%. Here's Why It Could Go Even Higher
Many investors have made huge profits from artificial intelligence (AI) stocks over the last 12 months. Nvidia's (NVDA 0.24%) shares have surged more than 25%. Google parent Alphabet (GOOG +1.00%) (GOOGL +0.99%) is up close to 70%. Palantir Technologies' (PLTR 0.27%) share price has more than doubled.
But those AI stocks don't hold a candle to Micron Technology (MU 1.18%). This tech stock is up more than 260% over the last 12 months. I think it could go even higher.
AI isn't just running in data centers. It's running on edge devices such as smartphones and smart glasses. It's running in cars and trucks. And it's becoming even more pervasive.
The Most Undervalued Chip Stock to Own in 2026
Leading memory supplier Micron Technology trades at a much lower price-to-earnings ratio than other chip stocks.
The insatiable demand for AI chips is spilling over to Micron's memory products.
There are risks, but the stock's low earnings multiple relative to growth could warrant further upside.
Demand for more chips and other components in data centers has created tremendous opportunities for leading semiconductor companies. There is growing demand for advanced chips, but not all chip stocks are being valued the same.
There is significant mispricing among some of the industry leaders. Investors are paying higher price-to-earnings (P/E) ratios for consistent performers like Nvidia, but lower earnings multiples for Micron Technology (NASDAQ: MU) — even though Micron is growing earnings much faster right now.
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Micron, Nvidia Or Intel Stock: Which Is The Best Bet?
Micron Technology has seen strong stock performance over the last year; however, how does it really stack up against memory and AI competitors that are swiftly expanding amid the data-center surge? A detailed examination shows impressive revenue growth over the last twelve months (45%) alongside healthy operating margins (32%), yet its free cash flow margins (11%) lag behind industry leaders. Separately, growth or shareholder returns? See Microsoft Stock Hands Over $350 Billion To Shareholders.
MU’s relatively moderate valuation (P/E: 36.7) serves as a stabilizing factor, though future gains might be constrained if essential AI infrastructure continues to benefit pure-play companies.
This is how Micron Technology compares in terms of size, valuation, and profitability with notable competitors.
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