Micron share price has already climbed 260% in 2026. The stock is due to release fiscal 2026 third-quarter earnings on June 24. That sets up a market test for whether the rally still has room after a year driven by AI demand and tight memory supply.
Micron Technology and June 24
Micron Technology enters June 24 with a stock that has already moved far ahead of the broader U.S. technology sector. The company’s memory business still sits at the center of the trade, because DRAM and NAND are the parts of the chip stack that keep AI systems fed with memory and storage.
TrendForce put the memory market at $889.3 billion in 2026 and $1.28 trillion in 2027. It also expects DRAM revenue to rise 4x in 2026 to $618.7 billion and then climb 46% in 2027 to $903.3 billion, while NAND flash revenue is projected to increase 280% in 2026 to $270.6 billion and 40% to $379.4 billion in 2027.
Counterpoint Research on Q1
Counterpoint Research said Micron’s DRAM market share stood at 22% in Q1, and its NAND flash share was 13% in the same period. Micron’s DRAM segment accounts for 79% of its revenue, so the company is unusually exposed to whatever pricing and supply conditions show up in memory first.
That matters for shareholders because Micron has generated $58 billion in revenue in the trailing twelve months, yet the stock trades at 22 times sales. The U.S. technology sector averages 8x price-to-sales, so the setup already assumes a lot of growth before June 24 numbers land.
NASDAQ:MU and the valuation gap
TrendForce’s January view was even more restrained, calling for memory revenue to jump 134% to $551.6 billion in 2026 and then rise 53% to $842.7 billion in 2027. The shift from that outlook to the newer figures shows how quickly the memory market narrative has hardened around AI buildouts and persistent shortages.
For NASDAQ:MU holders, the practical question is not whether the stock has already run. It is whether June 24 earnings and guidance can justify another move when the shares already trade far above the sector average. If the company’s update matches the market’s memory-demand assumptions, the rally can keep working; if it does not, the valuation gap becomes harder to defend.
The unresolved piece is how Micron’s June 24 guidance lines up with the revenue growth implied by TrendForce and the market-share base cited by Counterpoint Research.
