Here’s the Bull Case for NVIDIA, Micron, and SanDisk for 2027
Jensen Huang says compute has become revenue, and the AI buildout is still supply-constrained heading into 2027. Three stocks sitting at the center of that shortage have already rewritten what gains look like, and analysts think the move is far…
The AI chip leader’s chief executive, Jensen Huang, summed up the AI economy in one line: “AI has reached its inflection point. It’s doing useful work. Its tokens are productive and profitable. Now, compute is revenue.” That compute depends on memory and storage.
That’s why NVIDIA (NASDAQ:NVDA | NVDA Price Prediction), Micron Technology (NASDAQ:MU) and SanDisk (NASDAQ:SNDK) have become core suppliers to the AI buildout.
So far this year, NVIDIA is up 21.8%, Micron is up 249.77% and SanDisk has gained 528.07%. All three pulled back this past week. Below, I lay out how each could reach a bold target in 2027.
Wall Street Already Sees 45% or More Upside in Each Stock
Analyst consensus targets point to about 45% upside for NVIDIA at $328.72, 56% for Micron at $1,555.13 and 46% for SanDisk at $2,173. Estimates keep going up.
Analysts expected NVIDIA to earn $12.7102 per share in fiscal 2028 just three months ago. Today they expect $15.9146. Over the same stretch, Micron’s fiscal 2027 estimate rose from $150.0075 to $176.6868, and SanDisk’s went from $204.4716 to $214.8233.
All three also keep beating forecasts. NVIDIA has exceeded EPS estimates for 5 straight quarters, Micron for 8 and SanDisk for 5.
Here’s the Math Behind $350, $1,800 and $2,500
| Stock | Price | Bull Target | Upside | Forward P/E Now | P/E at Target |
|---|---|---|---|---|---|
| NVIDIA | $226.63 | $350 | 54% | 14x | 22x |
| Micron | $997.65 | $1,800 | 80% | 6x | 10x |
| SanDisk | $1,490.91 | $2,500 | 68% | 7x | 12x |
Even at the bull targets, Micron and SanDisk would still trade at low double-digit multiples. NVIDIA would trade at about 22x forward earnings. So the bull case mostly needs investors to accept that memory demand will stay strong for years.
The same expansion thesis goes well beyond chips, which is why we rounded up seven non-chipmaker suppliers to the AI data-center boom in a free report here.
What Could Push These Stocks Higher?
- NVIDIA’s supply gap: Management expects revenue to grow approximately 70% in fiscal 2028 and called that outlook supply-constrained. Huang added, “The unconstrained is significant.”
- Hyperscaler capex: NVIDIA expects capex at the top five hyperscalers to reach $1.3 trillion in 2027.
- Micron’s sold-out HBM: “More than 75% of our output is already committed for 2027,” management said. HBM prices are “much higher than 2026 prices.”
- A bigger NAND market: SanDisk expects NAND industry revenue to approach $500 billion in calendar year 2027, with multi-year agreements covering more than 50% of its fiscal 2027 bits.
- Buybacks: SanDisk has $15.5B left on its buyback authorization, and NVIDIA has $99B.
Recent History Shows These Gains Are Possible
Increases of this size have already happened. Over the past year, Micron returned 419.24% and SanDisk returned 1049.68%. NVIDIA is up 992.72% over five years.
Memory stocks are cyclical, though. Micron fell today after Chinese rival CXMT advanced a new chip, according to Barron’s. That kind of competition could test pricing.
My Take on $350, $1,800 and $2,500
To reach these targets, NVIDIA would need to gain 54%, Micron 80% and SanDisk 68%. Estimates are rising, the beat streaks are intact and management teams say demand is running ahead of supply.
If that holds through 2027 and the market stays healthy, all three targets are within reach. Returns this large are rare, but this is the model for how NVIDIA, Micron and SanDisk could deliver outsized increases in 2027.
Contact [email protected] for any questions or corrections.
Vandita Jadeja is a financial publisher with over a decade of experience writing about financial topics, including investment, savings, retirement, insurance and banking. Vandita is a Chartered Accountant who loves to debunk financial concepts for readers.
Her work has appeared on sites that include The Motley Fool, InvestorPlace, and Benzinga. She covers investing and focuses on stock picks and price prediction for 24/7 Wall St.
When not looking for the next stock investment opportunity, she can be found traveling, reading, chasing sunsets and enjoying her iced latte.
