Boise, Idaho-based Micron Technology, Inc. (MU) is an industry leader in innovative memory and storage solutions, transforming how the world uses information to enrich life for all. With a market cap of $109.1 billion, Micron’s operations span the Americas, Europe, and Indo-Pacific. The company offers a rich portfolio of high-performance DRAM, NAND, and NOR memory and storage products through its Micron and Crucial brands.

Companies worth $10 billion or more are generally described as "large-cap stocks," and Micron fits this bill perfectly. Given its dominance in the memory and storage solutions space, its valuation is above the mark. The company’s innovations fuel the data economy, and enable advancement in AI and compute-intensive applications, unleashing new opportunities.

Despite its strength, MU stock has declined 37.8% from its all-time high of $157.54 achieved on Jun. 18. However, the stock gained 2.5% over the three months, outperforming the iShares Semiconductor ETF’s (SOXX) 4.4% decline during the same time frame.

Over the longer term, Micron Technology’s performance looks even more appealing. As the stock has surged 14.8% on a YTD basis and 27.7% over the past year, outpacing SOXX’s 12.2% gains in 2024 and 24.9% returns over the past 52 weeks.

To confirm the bullish trend in earlier months and the recent downturn, MU traded mostly above its 50-day and 200-day moving averages until mid-July and early-August respectively, and observed a down move and a consolidation in the later months. The broader sell-off in chip stocks primarily fueled this downturn after a report said the U.S. was mulling tighter curbs on exports of advanced semiconductor technology to China.

Despite the recent consolidation, Micron Technology’s stock prices surged over 14.7% in the trading session after the release of its impressive Q4 earnings on Sept. 25. Driven by the increase in AI usage, its data center DRAM products and high bandwidth memory observed a massive surge in demand, this led to an enormous 93.3% year-over-year growth in quarterly revenues, reaching $7.8 billion. Moreover, driven by growth in SSD sales, the company achieved record NAND revenues, exceeding $1 billion in quarterly revenues for the first time.

Moreover, the company reported even more impressive growth in profitability with its adjusted net income growing to $1.3 billion for the quarter, up from the $1.2 billion adjusted net loss reported in the year-ago quarter, which exceeded analysts’ expectations.

MU has also outperformed its peer Analog Devices’ (ADI) 9.8% gains in 2024 and 19.3% returns over the past year.

Among the 27 analysts covering the stock, the consensus rating is a “Strong Buy.” As of writing, MU is trading below the mean price target of $146.22.