This article first appeared on GuruFocus .
Micron Technology ( NASDAQ:MU ), the American memory-chip giant, surged approximately 4.2% to $998.385 Friday as OpenAI's GPT-6 Astra launch threw fresh fuel onto the AI-infrastructure trade. Micron has now rocketed roughly 236% in 2026, pushing its market value to approximately $1.14 trillion.
The numbers explain the excitement. Fiscal third-quarter revenue hit $41.46 billion, while adjusted free cash flow reached a staggering $18.3 billion. Cloud-memory sales delivered $13.77 billion and the core data-center business generated another $11.52 billion. Combined, those two engines produced approximately 61% of Micron's total revenue.
But the stock is no longer priced for an ordinary memory cycle. At $998.385, Micron trades 61.51% above its $618.17 GF Value, showing just how much AI growth investors have already baked into the shares. GPT-6 Astra could unleash more memory-intensive training and inference, but it is not a disclosed Micron contract. That puts September 30 earnings squarely in the spotlight: Micron must prove the AI frenzy is still producing real orders, firm pricing and durable cash flow.
