Memory Mania Has Micron Back Near $1,000
Micron surged within striking distance of $1,000 again after rivals posted record results, but a sharp after-hours drop raised the same question that ended October's earlier rally: can anything make that level stick?
Micron Technology (NASDAQ:MU | MU Price Prediction) closed at $983.23 on Wednesday, October 28, 2026, up $54.47, or 5.86%, after touching $990.00 during the session. It was a fourth straight gain, alongside SK hynix’s record results. It lifted the stock 14.8% from the October 22 close of $856.49 through closes of $877.55, $903.70 and $928.76.
The rally came as SK hynix reported record results in Seoul, although nothing ties Micron’s move directly to its rival. Micron’s market value reached $1.11 trillion, 15th among the world’s most valuable companies, but the stock slipped to $959.00 after hours, down 2.46% as of 7:59 p.m. ET.
That leaves Micron 1.7% short of $1,000, a level it last closed above at $1,029.00 on October 9. Rivals’ record profits will likely decide whether it can clear that mark and hold it.
What SK hynix and Samsung Put on Record
SK hynix third-quarter revenue reached 104.6 trillion won, its first quarter above 100 trillion won, with operating profit of 83.3 trillion won, an 80% margin. The company has long-term agreements with 14 major customers covering more than half of its 2027 and 2028 capacity.
CFO Kim Woo-hyun said, “We believe an environment in which supply falls short of demand will continue through 2030.” Kim Woo-hyun forecast next year’s bit growth “in the mid-20% range for DRAM and the high-10% range for NAND flash.”
That 2030 forecast is SK hynix’s own. Micron said only that it lacks “line of sight to when supply and demand balance.”
Samsung Electronics followed on Thursday, October 29, Seoul time. It posted record revenue of 195.3 trillion won and operating profit of 107.4 trillion won (about $80.47 billion), with 106.5 trillion won from its chip division.
Micron’s Guidance Tells the Bigger Story
Rival margins reflect the same pricing that drives Micron. NAND flash prices rose fivefold in a year on TechInsights data, and DRAMeXchange puts 128Gb MLC NAND at $30.61, up roughly eightfold in a year.
Micron Technology guided fiscal first-quarter 2027 revenue to $61.5 billion, plus or minus $1.5 billion, above the $54.23 billion reported September 30, with an adjusted (non-GAAP) gross margin near 86.25%. Micron Technology also expects adjusted EPS of $38.15, plus or minus $1.00, against $33.42 last quarter.
Why $1,000 Keeps Turning Micron Back
Micron closed above $1,000 on 19 trading days in September and early October, topping out at $1,097.39 on October 1. On October 12 it opened at $1,002.45 and touched $1,002.67 before closing at $989.04, then fell as low as $849.25 on October 22.
Its 52-week range runs from $192.59 to an intraday high of $1,255.00 on June 25. Micron sits 21.7% below that high and more than five times its low, so swings this large come with holding it.
What Could End the Memory Shortage
Long-term contracts could moderate memory’s old boom-bust cycle because customers commit volume years ahead. Micron has signed 26 strategic customer agreements and has “more than 75% of our shipments committed” for fiscal 2027. The thesis breaks if all three major makers add capacity together, customers resist higher prices, devices sell poorly under memory costs, or hyperscalers pause spending.
What Investors Should Track Before Micron Reports
Guidance calls for revenue and earnings above a record quarter, and rival results confirm the pricing behind it, even as volatility remains high because the October 1 peak gave way to a steep slide and a fast rebound within weeks.
SanDisk (NASDAQ:SNDK) reports October 29, a NAND read-through, and Micron’s next report is estimated for Wednesday, December 16, though not confirmed. A close above $1,000 before December 16 would show buyers accepting the level. A drop below the $849.25 October low would mean sentiment broke first.
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Omor Ibne Ehsan is a writer at 24/7 Wall St. He is a self-taught investor with a focus on growth, cyclical, and dividend equities that have strong fundamentals, value, and long-term potential. He also has an interest in high-risk, high-reward investments such as penny stocks.
