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Micron Technology (NASDAQ: MU) has been on a tear over the past several years as companies snatch up its memory processors for artificial intelligence (AI) data centers. That's led to soaring sales and earnings for the company, sending its share price on an 880% three-year run.
As the AI build-out continues, leading tech companies are ramping up their infrastructure spending, and the latest data show that demand for memory processors is as high as ever.
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Some investors may be wondering whether investing the right amount in Micron now could make them millionaires. I don't think the stock has that much potential, but it should certainly be near the top of your tech stock buy list. Here's why.
Recently, Micron and other AI stocks have been falling because investors fear that tech companies are overspending on AI. Additional fears that a Democratic-led Congress could potentially tamp down AI infrastructure investments are also causing Micron's shares to temporarily stumble.
But it's worth spending a little time understanding just how critical memory is in the artificial intelligence market and keeping some of the short-term fears in perspective.
For one, memory processor demand is already sky-high, and much of the supply is already bought up through the next several years. Micron's management said on the company's fourth-quarter 2026 earnings call (which ended Sept. 30) that demand continued to outpace supply and that they expect increased demand in fiscal 2027.
That's great news, considering that revenue already rose 380% in the quarter to $54.2 billion and non-GAAP (generally accepted accounting principles) earnings increased about 1,000% to $33.42 per share.
To understand just how established the memory growth trend is, consider that management at rival SK Hynix recently said it has sold out half of its memory supply for 2027 and 2028, and its leadership expects demand to continue outpacing supply through 2030.
Micron's management is optimistic too, and the company expects $61.5 billion in revenue in fiscal Q1 2027 -- a 352% increase from the year-ago quarter. And considering that Micron's market share is the second-largest in DRAM memory and third-largest in HBM memory (both critical for AI data centers), it's very likely the company will continue to benefit for years to come.
Given that Micron's shares have already returned more than 800% over the past three years, they're unlikely to replicate that success in the coming years. And even if they did, it would mean that a $10,000 investment would grow to about $90,000 -- a very nice return, but far from $1 million.
Still, it's probably worth buying Micron stock right now, given the company's strong position in the memory market and the fact that tech companies continue to buy up all available memory to meet their AI needs. And with Micron's shares recently falling along with other tech stocks, you can pick up shares at a relative discount right now.
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Chris Neiger has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Micron Technology. The Motley Fool has a disclosure policy.
Is Micron a Millionaire-Maker Stock? was originally published by The Motley Fool
