Bank of America analyst Vivek Arya nearly doubled its price target on Micron Technology Inc. (NASDAQ:MU), lifting it from $500 to $950 on Wednesday.
The move arrived alongside higher targets on four other AI hardware names and a third upward revision in eleven months to the firm’s 2030 forecast for artificial intelligence infrastructure spending.
Bank of America now sees the addressable market for AI data center systems reaching $1.7 trillion by 2030.
That figure was $1.4 trillion in February. It was $1.2 trillion in December. It was $823 billion last June.
In addition to Micron, Arya raised price targets on the firm’s top AI hardware names:
Nvidia Corp. (NASDAQ:NVDA) was lifted from $300 to $320
Marvell Technology Inc. (NASDAQ:MRVL) from $125 to $200
Advanced Micro Devices Inc. (NASDAQ:AMD) from $450 to $500, and
Coherent Corp. (NYSE:COHR) from $365 to $400.
Company
Current Price
BofA Old PT
BofA New PT
BofA Implied Upside
Wall Street Consensus PT
Cons. Upside/Downside
BofA Rating
Micron Technology Inc.
$766.58
$500
$950
+23.9%
$561.88
−26.7%
BUY
Marvell Technology Inc.
$164.50
$125
$200
+21.6%
$121.29
−26.3%
BUY
Advanced Micro Devices Inc.
$448.29
$450
$500
+11.5%
$419.77
−6.4%
BUY
Coherent Corp.
$374.01
$365
$400
+6.9%
$241.53
−35.4%
NEUTRAL
Nvidia Corp.
$220.78
$300
$320
+44.9%
$276.34
+25.2%
BUY
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“We view memory supply elasticity as now structurally lower,” Arya wrote, pointing to capital, packaging, power, and geopolitical constraints that have made it harder for memory makers to expand capacity quickly.
The implication is uncomfortable for anyone who has been waiting for memory pricing to mean-revert the way it always has.
It might not.
Micron’s fiscal 2026 capital expenditure guidance of more than $25 billion is roughly double what it spent in ...
