BofA Doubles Micron's Price Target to $950 as MU Prints $815 52-Week High

The Reset

Bank of America's Vivek Arya nearly doubled the firm's price target on Micron to $950 from $500 Tuesday morning, keeping a Buy rating intact while implying another 24 percent from spot. The cash tape printed an $815.19 intraday 52-week high before settling, leaving MU around $788 in regular session and the HIP-3 perp at $790.70, up 8.10 percent over 24 hours. The reset was not isolated: BofA simultaneously raised price targets on Nvidia, AMD, Marvell, and Coherent, telegraphing a coordinated re-rating of the AI memory and accelerator stack rather than a single-name call.

The Memory Math

The structural thesis under the $950 print is straightforward. BofA raised its AI data center total addressable market forecast for 2030 to roughly $1.7 trillion from a prior $1.4 trillion, and Arya argues memory supply elasticity is now structurally lower than the last cycle given capital, packaging, and power constraints on HBM expansion. The note models the supply-demand sufficiency ratio staying below 110 percent through the forecast window — the threshold where memory pricing historically rolls over. Micron is the only US-domiciled DRAM and NAND producer at scale; in a market where Samsung and SK Hynix together control roughly 70 percent of DRAM and 50 percent of NAND, the marginal HBM share fight runs through Boise.

Three Catalysts in One Tape

The BofA reset is landing into a backdrop where the supply tightening is already on the calendar. Sanjay Mehrotra joined Trump's executive delegation in Beijing on May 13, alongside Tim Cook, Elon Musk, and Jensen Huang — and Micron is openly seeking compliant paths to resume and expand China data-center memory shipments under the existing export control regime. Eight calendar days separate the summit from Samsung's 18-day union walkout set to begin May 21, with TrendForce modeling 3 to 4 percent of global DRAM and 2 to 3 percent of NAND output at risk over the strike window. A top-tier sell-side reset, a state-visit access narrative, and a calendar-driven supply shock are all printing through the same tape.