Micron Technology delivered Q1 FY2026 revenue of $13.643 billion, up 56.6% year over year, with Cloud Memory Business Unit nearly doubling to $5.284 billion.

Micron's stock has gained 163.25% year to date and 693.87% over the past year. It currently trades at $751, which is 25% below its $818.67 52-week high.

The Cloud Memory Business Unit achieved a 66% gross margin, while overall gross margin expanded from 38.4% to 56% in a single year. CEO Sanjay Mehrotra called Micron 'an essential AI enabler'.

Wall Street consensus is overwhelmingly bullish, with 9 strong buys, 30 buys, 5 holds, and 0 sells (89% rated bullish). However, the consensus target of $613.23 sits below today's price. To reach $1,250 by 2031 would require a 66.4% gain and implies HBM (high-bandwidth memory) margins need to stay above 60% into fiscal 2027.