🚀 Goldman Turns Bullish on Micron: Is a New All-Time High After Earnings Now Inevitable?

With Micron’s earnings set for December 17, the Street is heating up — and this time, it’s not just hype. Goldman Sachs just upgraded their outlook and is now calling for Micron to beat expectations across every major metric.

📊 Goldman’s Forecast vs Wall Street

• Revenue: $13.2B (vs the Street’s $12.7B)

• EPS: $4.15 (vs consensus $3.84)

• Tone: Expecting another “positive surprise” driven by AI demand

• Bank of America: PT raised to $250, signalling confidence in multi-quarter upside

And all of this is happening after Micron has already surged over 190% YTD, making it one of the strongest large-cap semiconductor performers of 2024–2025. 🔥

So… what exactly is driving this level of bullish conviction?

Let’s break it down. 👇

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🧠 1. AI Has Triggered a New Memory Economics — and Micron Is at the Heart of It

Unlike previous tech cycles, AI workloads are memory hungry at levels never seen before.

Each new model → More parameters → More HBM → More DRAM bandwidth.

Just look at the trend:

• A single H100 GPU requires far more HBM than a full traditional server

• HBM3E orders for 2025 are already oversubscribed

• Hyperscalers are expanding data centers, and memory is the core component they can’t cut

Micron’s leading HBM3E shipments directly plug into NVIDIA and AMD’s flagship accelerators — meaning every AI cycle upgrade = more demand for Micron.

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💾 2. Supply Is Tight — and That’s Transforming Pricing Power

Historically, DRAM/NAND is a brutal boom-bust industry.

But this time, the setup is very different:

• Only three players dominate DRAM: Samsung, SK Hynix, Micron

• All three cut capacity in 2023 and are still cautious about expansion

• HBM production is extremely complex, limiting how fast supply can rise

• AI-driven demand is structurally ahead of supply growth

This gives memory players rare pricing power longevity, something missing for over a decade.

For investors, that’s the foundation of a multi-year margin expansion story, not a 1–2 quarter pop.

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🌐 3. AI Data Center Capex Is Entering “No Turning Back” Mode

Microsoft, Meta, Google, Amazon — all have guided that 2024–2026 will be their largest AI infrastructure spend in history.

Why this matters:

For every GPU added, memory per compute unit is increasing, not decreasing.

So while GPU makers like NVIDIA get the headlines, the memory suppliers get the steady compounding revenue.

Some analysts believe memory is actually the most underpriced piece of the AI supply chain.

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📉 4. Cycle vs Supercycle — the Debate That Moves the Stock

Traditional memory cycles last 3–4 years.

But many analysts now argue this isn’t a cycle — this is the start of a supercycle driven by:

• AI adoption accelerating faster than cloud adoption did

• Edge AI coming next (which requires cheaper, widespread DRAM/NAND)

• Enterprise AI servers expanding beyond tech companies

• Auto + IoT + robotics also shifting to memory-heavy architectures

If this is a supercycle, Micron is either undervalued, or at least not overvalued, even after a 190% run.

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💰 5. Valuation — Has the Stock Run Too Far?

This is where investors split.

Bulls argue:

• Forward P/E is justified by earnings acceleration

• Margins are expanding faster than expected

• HBM share gains will continue into 2025

Bears argue:

• Memory remains cyclical

• Hyperscaler budgets may moderate in 2025

• China export rules remain an overhang

But Goldman and BofA believe the structural AI demand outweighs the cyclical risks — hence the upgrades.

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🔥 So… Can Micron Hit New All-Time Highs Next Week?

If:

✔️ Micron beats revenue

✔️ Beats EPS

✔️ Guides HBM and DRAM pricing higher

✔️ Expands gross margin outlook

✔️ Confirms supply tightening

Then yes — a breakout to new highs is very possible.

The market has been waiting for confirmation of a memory supercycle, and this could be it.