Micron Technology (MU) closed up about 6.8% in U.S. stocks on June 23, reaching a high of $1,213.56 intraday, and closing at $1,211.38, officially hitting a new all-time high, with a market capitalization surpassing $1.3 trillion.

The main driving factors are threefold:

- AI Storage Supercycle: The demand for HBM3E high-bandwidth memory surged driven by AI chips like NVIDIA Blackwell, with Micron’s HBM capacity already locked by leading cloud providers until the end of 2026, giving oligopolistic firms strong pricing power.
- Earnings Expectations Soar: The market is betting on the FY2026 Q3 earnings report to be released after market close this Wednesday (June 24)—with revenue guidance around $33.5 billion, gross margin near 81%, and EPS expected to exceed $19, prompting early capital accumulation.
- AI Strategic Partnership: Micron announced a long-term supply and architecture collaboration agreement with Anthropic for HBM and enterprise SSDs, strengthening its market position as a "core asset in AI infrastructure."

Additionally, Samsung and SK Hynix are shifting their manufacturing capacity toward HBM/DDR5, reducing supply of consumer-grade DRAM and NAND, with regular storage contract prices expected to increase by 5% to 8% quarter-over-quarter, further boosting profit prospects.

In terms of risks, the stock has already gained over 300% year-to-date, with Wall Street’s expectations significantly elevated. If the earnings only meet or slightly fall below expectations, profit-taking pressure could be high under the high valuation; in the medium to long term, investors should be cautious of industry-wide capacity expansion after 2027 leading to oversupply and a cyclical downturn.

A-shares and Hong Kong stocks related to storage concepts (HBM materials, packaging/testing, modules) may be boosted by sentiment and follow the rally, but investors should be aware of volatility risks before and after U.S. earnings reports.