Key Points
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Micron stock has made investors significantly richer over the past three years, and it isn’t done soaring yet.
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The HBM market is on track to grow exponentially by 2030, indicating that favorable memory market dynamics will continue to drive Micron’s growth.
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If you’d invested $10,000 in shares of Micron Technology (NASDAQ: MU) three years ago, the value of your investment would now be worth almost $118,000, suggesting that this semiconductor specialist has made investors significantly richer in a short period.
Importantly, Micron isn’t done growing yet. The company is on track to benefit from the multi-year growth in the memory market. In fact, buying Micron stock as part of a diversified portfolio could help investors achieve their long-term goals of retiring comfortably or becoming millionaires.
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Let’s look at the reasons why.
The memory market’s sustainable growth will be a tailwind for Micron
Micron’s terrific surge in recent years has been triggered by the incredible demand for memory chips from artificial intelligence (AI) data centers. AI chips are equipped with specialized memory, known as high-bandwidth memory (HBM), which helps transport enormous amounts of data in AI chip clusters and data centers.
HBM plays a critical role in AI data centers by feeding data sets quickly to graphics cards and custom processors. As a result, these accelerators don’t sit idle, wasting time and power. Not surprisingly, the HBM market’s revenue could hit a whopping $641 billion in 2030, according to Bloomberg Intelligence. For comparison, the HBM market was worth just $4 billion in 2023.
What’s more, Bloomberg has significantly increased its HBM estimate for 2030. The firm was anticipating $130 billion in HBM revenue for 2030 in January 2025. This massive uptick in HBM growth estimate points to a long-term tailwind for Micron. That’s because HBM is manufactured by stacking multiple conventional dynamic random-access memory (DRAM) chiplets
According to one estimate, HBM consumes around 3x the wafer capacity of conventional DRAM, suggesting that the ongoing memory shortage won’t be going away at least until the end of the decade. Moreover, Micron is poised to capitalize on additional AI-related applications, such as humanoid robots and self-driving cars.
These markets can substantially improve Micron’s total addressable market (TAM), ensuring that the healthy financial growth the company has been enjoying continues.
The simplest reason to buy Micron stock right now
Micron will release its fiscal 2027 first-quarter results next month, according to Yahoo! Finance. The company expects non-GAAP earnings per share (EPS) of $38.15 on revenue of $61.5 billion. Those numbers point to a massive jump over the year-ago period’s revenue of $13.6 billion and EPS of $4.78.
Micron trades at just 12 times earnings and 8 times sales despite the phenomenal growth it is poised to deliver. Moreover, we have already seen the reasons why Micron is built for robust long-term growth. So, I won’t be surprised to see shares of this memory specialist trade at a premium valuation in the future, which could pave the way for significant upside in the stock given its exponential earnings growth.
So, investors looking to buy a long-term winner that trades at an attractive valuation should consider adding Micron to their portfolios, as its upside potential could make them significantly richer.
Should you buy stock in Micron Technology right now?
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Harsh Chauhan 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.
