Bank of America identified Micron Technology as a leading artificial intelligence chip player on July 10. Memory chips now represent 35% to 40% of cloud AI capital spending.
The bank maintained its Buy rating for the stock. Analysts set a price target of $1,550. The firm argues the market underestimates a shift toward stable, long-term supply agreements.
BofA projects global spending on cloud and AI infrastructure will reach $1.5 trillion by 2027. This forecast reinforces confidence in sustained demand for Micron’s advanced memory products.