Citi’s latest call on Micron Technology (MU) comes down to one clear tailwind. The firm added MU to its upside Catalyst Watch because it expects stronger DRAM pricing in the second half of 2026. That view looks even more interesting when you look at Citi’s bigger pricing outlook.

Two weeks ago, Micron — responsible for the majority of DRAM chips made in the US — posted a 15-fold increase in earnings. Bulls are gleefully declaring Micron the new Nvidia, but the memory mania is spreading.

How much can Micron protect against the massive supply entering the market at the end of the decade?

The rapid expansion of artificial intelligence infrastructure is permanently altering how Wall Street values semiconductor companies like Micron Technology, Roundhill CEO said in an interview.

The deal comes days after Micron's similar agreement with GM, as part of the chipmaker's investments to expand auto-related U.S. manufacturing.

Even with the dip in its share price, Micron's stock is still up a whopping 650% over the past year. The gains are also well deserved, as the company has seen its revenue skyrocket and gross margins balloon over the past year.

This compares to Micron's own 385,000 capacity. Revenue is on pace for roughly 700% year-over-year growth in early 2026, with the company posting its first-ever profitable quarter. Its DDR5 chips are already inside Lenovo laptops shipping today.

AI servers are driving unprecedented demand for high-bandwidth memory. Supply remains tight and DRAM prices have surged.

AMD's MEXT acquisition is an efficiency upgrade for data centers, not a disruption to the AI memory market.

Samsung, SK hynix, and Micron face a US lawsuit over alleged DRAM price-fixing during the global memory price surge.