Micron Seen Reaching $954.59 as Nvidia Earnings Test AI Memory Rally
Updated
Updated · 24/7 Wall St. · Aug 24
Micron Seen Reaching $954.59 as Nvidia Earnings Test AI Memory Rally
3 articles · Updated · 24/7 Wall St. · Aug 24
Summary
$954.59 is 24/7 Wall St.'s 12-month target for Micron, implying 4.85% upside from Monday's $910.43 close and supporting a high-confidence hold rating ahead of Nvidia's earnings.
Micron's case rests on a record memory cycle: fiscal Q3 revenue jumped 346% to $41.5 billion, Q4 guidance points to $50 billion, and HBM4 revenue already exceeds $1 billion.
Management says AI demand is tightening supply beyond 2027, backed by 16 strategic customer agreements covering about 20% of DRAM and one-third of NAND volume with take-or-pay floors.
The setup still carries Nvidia-linked risk after Micron fell 10.01% in the past week; Q3 capex hit $7.826 billion, Q4 spending is guided near $10 billion, and a weak Nvidia outlook could quickly pressure memory valuations.
Even after a 674.9% one-year surge, Micron trades about 21% below its $1,254.81 high, leaving investors focused on whether Nvidia's report can revive the AI memory trade.