Micron Technology shares rose Thursday following Alphabet's updated 2026 capital spending forecast. Google's parent company increased its budget to between $195 billion and $205 billion. This investment focuses on expanding data center capacity for artificial intelligence.
Tesla CEO Elon Musk highlighted tight memory market supply during a recent earnings call. Musk thanked Micron for a significant allocation of chips despite what he described as insane pricing.
Bank of America reiterated its Buy rating and $1,550 price target for Micron. Analysts expect more efficient AI models to drive long-term demand for high-bandwidth memory.