The artificial intelligence revolution continues to drive massive demand for data centers and AI stocks like Nvidia (NVDA), Palantir Technologies (PLTR) and Broadcom (AVGO). Now data storage powerhouse Micron Technology (MU) has just unveiled innovations to amplify the AI revolution while boldly exploring the next frontier: space.
Already tying Western Digital (WDC) and outpacing all other industry peers — including Seagate Technology (STX) and Pure Storage (PSTG) — Micron stock sports a stellar 98 Composite Rating. And building on a rebound that began in April, Micron is poised to launch a fresh breakout move.
Based in Boise, Idaho, Micron Technology is a global leader in memory and storage products. The company sells a range of high-performance DRAM, NAND and NOR products through its Micron and Crucial brands.
Continuing to power the AI revolution, the company unveiled a portfolio of industry-first, solid-state drives, or SSDs, last month. It launched three new data-center SSDs built with Micron G9 NAND. That includes the world's first PCIe Gen6 NVMe SSD. Micron says these new energy and space-efficient products are ideal for the divergent needs of AI workloads.
Nvidia uses Micron's G9 NAND technology in its SSD solutions.
In July, Micron also launched a space-qualified portfolio to power mission-critical data for aerospace innovation. It revealed the industry's highest-density, radiation-tolerant single-level cell, or SLC, NAND product. That marked the first in a lineup that will eventually include space-qualified NAND, NOR and DRAM solutions.
Micron noted how the space economy has skyrocketed, fueled by rapid growth in commercial and government missions. As computing and AI evolve, demand for technology capable of processing data directly in orbit has also grown, transforming AI-enabled edge computing in space operations.
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Building on the company's solid turnaround, Micron has generated triple-digit earnings growth in each of the last two quarters.
On June 25, Micron reported third-quarter results for fiscal 2025, ended May 29. Earnings spiked 208% to $1.91 per share and revenue rose 37% to $9.3 billion. When Micron next reports in late September, analysts forecast a 132% jump in earnings to $2.75 per share on 43% sales growth to $11.1 billion.
For the full fiscal year, Wall Street expects 515% earnings growth to $7.99 per share.
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Having weathered a sharp downturn from June of 2024 to April of this year, Micron stock continues to build on a strong rebound. It has formed a new cup pattern showing a 129.85 buy point.
The stock has recently flashed multiple positive clues. In June, the 50-day moving average climbed back above the 200-day line, which points to rising technical strength.
The relative strength line has also started bending higher, confirming expanding market leadership.
Institutional demand for Micron stock has also begun to turn around. After several quarters of decline, Micron flashed a rise in fund ownership last quarter. It is also worth noting that 184 funds with an A+ rating from Investor's Business Daily own shares of Micron.
As the stock takes aim at a breakout, data storage peers Seagate and Western Digital trade right around their all-time highs. Fellow top AI stocks Nvidia, Palantir and Broadcom also stand near record price highs.
In this frothy market, investors should heed the principles of risk management. sticking to sound rules for how to buys stocks and when to sell.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
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