#3 - Micron Technology (NASDAQ:MU)
Micron Technology Inc. (NASDAQ: MU) is another chipmaker to consider among data center stocks. Rather than compete with NVIDIA, Micron complements its offerings by being the industry leader in memory.
Like the chip sector in general, the fortunes of memory chip companies are governed by the laws of supply and demand. However, demand for AI applications, and the high-bandwidth memory (HBM) those applications will take, is likely to fuel a super cycle in the memory market that Grand View Research estimates will more than double from $111 billion to $240 billion by 2030.
MU stock is up 55.9% in the last 12 months and over 16% in 2024. However, the stock is down 23.25% in the three months ending August 26, 2024. But with analysts projecting earnings growth of over 1,400% in the next 12 months, it’s likely that Micron is creating an enticing entry point for opportunistic investors.
About Micron Technology
Micron Technology, Inc designs, develops, manufactures, and sells memory and storage products worldwide. The company operates through four segments: Compute and Networking Business Unit, Mobile Business Unit, Embedded Business Unit, and Storage Business Unit. It provides memory and storage technologies comprising dynamic random access memory semiconductor devices with low latency that provide high-speed data retrieval; non-volatile and re-writeable semiconductor storage devices; and non-volatile re-writable semiconductor memory devices that provide fast read speeds under the Micron and Crucial brands, as well as through private labels.
Read More - Current Price
- $96.34
- Consensus Rating
- Moderate Buy
- Ratings Breakdown
- 26 Buy Ratings, 1 Hold Ratings, 1 Sell Ratings.
- Consensus Price Target
- $143.04 (48.5% Upside)
