Jim Cramer Recalls Being Bullish on Micron (MU) a Year Ago

Core Insights - Micron Technology, Inc. (NASDAQ:MU) has seen a significant share price increase of 231% over the past year, positioning it as a leading semiconductor stock in the market [1] - Barclays has raised its price target for Micron from $275 to $450, maintaining an Outperform rating, citing expected benefits from growing AI demand in 2026 [1] - Micron's CEO acknowledged previous miscalculations regarding inventory and demand, but recent developments indicate a strong market for high-bandwidth memory driven by AI [1] Financial Performance - Micron Technology raised its Q4 guidance for revenues, earnings, and margins, indicating improved pricing, especially in DRAM [2] - The company is experiencing strong demand for high-bandwidth memory in AI data centers, with CY26 capacity already fully sold out [2] - Guidance for the next quarter is above consensus, reflecting positive market conditions [2] Market Position - Micron is noted as the only American company capable of manufacturing high-end memory chips and is a key supplier to NVIDIA [1] - The semiconductor industry is expected to see DRAM bit demand growth in the high teens to 20s for 2024, indicating a robust market outlook [1] - There is a belief among some investors that while Micron has potential, other AI stocks may offer greater returns with limited downside risk [2]