Micron Technology shares surged 710% over the past 12 months as AI data center demand boosts memory chip sales, though stock valuations remain relatively modest.

In fiscal 2026 Q2 (ended Feb. 26), Micron's sales rose 196% year over year to $23.9 billion, and non-GAAP earnings spiked 682% to $12.20 per share, driven by demand for memory processors in AI data centers.

Micron received its first-ever five-year customer contract for memory processors—an unusually long commitment in the memory industry, reflecting what CEO Sanjay Mehrotra calls a fundamental shift where AI has made memory 'a defining strategic asset in the AI era.'

Micron's stock trades at a trailing price-to-earnings ratio of about 27, compared with the tech sector's P/E ratio of around 43, and the company's management believes robotics could become a major catalyst for memory and storage demand in coming years.