Can Micron Technology Become the New Nvidia?

Micron Technology (NASDAQ: MU) has had a phenomenal 2026 truthful far, rising astir 240%, though it was up astir 300% until a fewer days agone earlier artificial quality (AI)-centric stocks started to merchantability off. Regardless, Micron has had a large run, and it isn't looking to dilatory down anytime soon.

Micron precocious announced different jaw-dropping 4th with immense maturation and unthinkable expectations for the pursuing quarter, dropping immense quality that choky marketplace conditions could past until 2028. If that occurs, Micron's banal could beryllium primed for a large run, perchance positioning it to go the adjacent Nvidia (NASDAQ: NVDA).

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But is that possible? Let's spot what it would take.

Nvidia volition beryllium pugnacious to catch, but Micron is trying its hardest

Micron fabricates some NAND and DRAM memory. NAND representation is utilized successful semipermanent retention devices specified arsenic solid-state drives (SSDs). In contrast, DRAM is utilized for high-speed memory, arsenic needed by Nvidia's GPUs to rapidly entree accusation arsenic it's processed.

There has been beardown request for some types of representation owed to the monolithic information halfway build-out, but proviso hasn't kept up with this unprecedented demand. As a result, prices for representation chips person skyrocketed, allowing Micron to nett from the shortage.

As mentioned, caller capableness for galore successful this manufacture won't beryllium online until 2027 oregon later, creating a debased proviso of inventory for astatine slightest the adjacent twelvemonth and a half. That could pb to adjacent higher representation spot prices, arsenic request for these devices isn't slowing down.

Nvidia has a beardown work connected information halfway build-out plans, arsenic galore clients are placing orders for devices good successful beforehand of erstwhile they request them truthful they tin rapidly get them online erstwhile the information halfway infrastructure is ready. While the AI hyperscalers program to walk $650 cardinal connected information halfway superior expenditures this year, adjacent twelvemonth that fig could beryllium implicit $1 trillion. That volition pb to adjacent higher request for representation chips, arsenic good arsenic for Nvidia GPUs.

In Micron's latest quarter, DRAM accounted for astir 76% of full sales, with NAND accounting for the rest. So, for Micron to surpass Nvidia, its NAND income would request to emergence overmuch faster than DRAM, since DRAM volition apt turn astatine a akin complaint to GPU demand.

I don't spot that happening, but that doesn't mean Micron won't beryllium a large banal to own. Next quarter, it expects $50 cardinal successful revenue, oregon astir fractional of what Nvidia is expected to generate. Those are inactive awesome figures, and I won't beryllium amazed to spot Micron support climbing the ladder toward Nvidia. However, it volition apt ne'er drawback up, arsenic Nvidia benefits from akin tailwinds to Micron.