Micron Technology, Inc (NASDAQ:MU) shares are trading higher by 5.39% during Wednesday’s premarket session as the AI/data-center trade remains in focus and risk appetite is broadly firming, with Nasdaq futures leading the major indexes higher.

The move lines up with the idea that the AI buildout is still creating “winners” across chips and infrastructure, with AI and data center demand continuing to pull capital toward key semiconductor names.

CNBC’s Jim Cramer said on Tuesday that Micron is benefiting from what could be a structural shift in the memory and storage market rather than another short-lived semiconductor cycle.

Cramer noted that Micron’s latest quarterly results were strong and said conversations with executives he met at Amazon.com Inc (NASDAQ:AMZN) reinforced his view that demand for storage is becoming increasingly secular instead of cyclical.

He said many industry participants agreed that companies such as Micron, Sandisk Corp (NASDAQ:SNDK), Western Digital Corp (NASDAQ:WDC), and Seagate Technology Holdings Plc (NASDAQ:STX) are benefiting from sustained long-term demand growth rather than the traditional boom-and-bust pattern.

He argued that limited industry capacity expansion over the past several years has created a favorable supply-demand backdrop.

According to Cramer, companies in the storage market spent years struggling to generate profits, which discouraged major capital spending and left the industry unprepared for the current surge in AI-driven storage demand.

Cramer also praised Micron CEO Sanjay Mehrotra, saying he recognized the coming demand wave early and has been aggressively expanding capacity to meet rising demand.

He added that Micron’s valuation still appears attractive, noting that some investors believe the stock could command a significantly higher earnings multiple as confidence grows around the durability of demand trends.

While acknowledging that semiconductor cycles have not disappeared entirely, Cramer said the storage industry now faces massive demand growth with relatively few major players and limited new supply entering the market.

In a fresh AI “winners list,” Cramer argued the AI and data center boom is still driving an “explosion of profits,” keeping chipmakers at the center of the buildout as data centers require massive computing power. He also pointed to cloud and infrastructure beneficiaries as AI usage spreads through businesses and consumers, reinforcing the broader tailwind for memory and compute supply chains.

Micron stock also got a boost from Advanced Micro Devices Inc‘s (NASDAQ:AMD) upbeat quarterly results.

Technical Analysis

Micron is extended on a longer-term trend basis, trading 39% above its 20-day SMA ($484.83) and 139.1% above its 200-day SMA ($281.96), a kind of spacing that often invites volatility if momentum cools. The uptrend structure is still intact, with the 20-day SMA above the 50-day SMA and a golden cross in June 2025 (50-day SMA above the 200-day SMA) reinforcing the bigger-picture bullish regime.

RSI is the key momentum tell right now: at 81.58, it signals the stock is overbought, meaning the move is stretched and more prone to sharp pullbacks or sideways digestion even if the primary trend remains up. RSI first pushed into overbought territory in May, and the stock has continued to press higher since then, which is bullish—but also raises the bar for “good news” to keep producing clean upside.

From a levels perspective, the stock is above its prior 52-week high ($651.74), so that area can act like first support on any retest as traders gauge whether the breakout holds. The most obvious “mean reversion” magnets below are the rising 20-day EMA ($497.23) and 50-day EMA ($445.07) if momentum breaks and the market starts rewarding tighter entries.

Earnings & Analyst Outlook

Looking further out, the next major catalyst for the stock arrives with the June 24, 2026 (estimated) earnings report.

• EPS Estimate: $18.97 (Up from $1.91 YoY)
• Revenue Estimate: $33.51 Billion (Up from $9.30 Billion YoY)
• Valuation: P/E of 30.2x (Indicates premium valuation relative to peers)

Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price target of $553.40. Recent analyst moves include:

• TD Cowen: Buy (Raises Target to $660.00) (April 28)
• DA Davidson: Initiated with Buy (Target $1000.00) (April 28)
• Melius Research: Initiated with Buy (Target $700.00) (April 27)

Price Action

MU Stock Price Activity: Micron Technology shares were up 5.98% at $678.50 during premarket trading on Wednesday. The stock is trading at a new 52-week high, according to Benzinga Pro data.

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