Up 275% This Year, Micron (MU) Is Still a No-Brainer Buy Before September 30

Up 275% This Year, Micron (MU) Is Still a No-Brainer Buy Before September 30

Joel South

Wed, September 23, 2026 at 6:35 PM GMT+3 4 min read

• MU -1.87%
• NVDA -1.73%

Quick Read

• Micron has locked in 16 Strategic Customer Agreements totaling $100 billion in contracted AI revenue while HBM4 ramps twice as fast as its predecessor.

• Micron grows revenue 346% year-over-year at a forward P/E of 7, which is a fraction of NVIDIA's multiple, with 44 analysts rating it Buy and zero Sell.

• Micron's September 30 earnings report carries guidance of $50 billion in revenue and $31 non-GAAP EPS, with HBM revenue and gross margin as the key confirms.

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Keep an eye on Micron Technology (NASDAQ:MU) into the September 30 earnings report. The stock is up 276.99% year to date at $1,075.31, sits on a roughly $1.21 trillion market cap, and has advanced 15.92% in the past week. Today it trades 1.9% lower. That frames the setup.

AI Memory Is the Business Now

High bandwidth memory (HBM) is stacked DRAM that sits next to AI accelerators and feeds them data fast enough to keep the compute fed. Micron supplies HBM, DDR5, and NAND SSDs into cloud, data center, and edge AI systems. Management stated "HBM4 12 high volume ramp is tracking twice as fast as HBM3E 12 high" and has already shipped over $1 billion in HBM4 revenue. Cloud Memory alone did $13.77 billion last quarter. Micron has also signed 16 Strategic Customer Agreements carrying cumulative minimum-price revenue of approximately $100 billion across the remaining term. That is contracted AI demand.

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September 30 Catalyst Investors Cannot Ignore

Micron has confirmed its fiscal Q4 report for September 30, 2026, after market close. Guidance is revenue of $50.0 billion plus or minus $1.0 billion, non-GAAP gross margin of about 86%, and non-GAAP EPS of $31.00 plus or minus $1.00. Watch the HBM revenue disclosure, the gross margin against 86%, and any update to the $100 billion RPO figure. Those three lines confirm or break the thesis.

Room to Run Above the Rally

The obvious objection is that MU has run too far. The math says otherwise. Forward EPS consensus for fiscal 2027 is $156.53, pushing the forward P/E to 7 against a trailing P/E of 24. The PEG ratio sits at 0.15. Analyst target price is $1,515 with 44 Buy ratings against 4 Holds and zero Sells. Head-to-head against the loudest AI comparable, NVIDIA (NASDAQ:NVDA), Micron trades at a fraction of NVIDIA's forward multiple while growing revenue at 346% year-over-year. Cheaper stock, faster growth, same AI backbone.

Risk, Dismissed

Insider net direction is selling, and capex hit $7.83 billion last quarter. Fair, but management expects tight DRAM and NAND conditions to persist beyond calendar 2027, and the balance sheet holds $24.995 billion in cash. A cyclical stock with a multi-year supply shortfall and a fortress balance sheet still has runway.

Keep an eye on MU into September 30.

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