Should You Buy Micron Stock Before June 24?
Key Points
So far this year, Micron stock has surged more than 200%.
Micron recently joined Nvidia, Broadcom, TSMC, Samsung, and SK Hynix as a trillion-dollar chip stock.
With earnings around the corner, some investors might be wondering if all the good news is already priced into Micron.
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As Micron Technology (NASDAQ: MU) gears up to report fiscal third-quarter results on June 24, some investors are wondering whether it makes sense to buy shares ahead of the announcement. The chip leader has been one of the most pronounced beneficiaries of the artificial intelligence (AI) infrastructure boom, yet its parabolic rise has left some wondering whether the easy money has already been made or if Micron's rally still has legs.
Why is Micron stock surging?
So far this year, shares of Micron have surged 231% -- making it the second-highest performer in the Nasdaq-100 index and pushing the company's market capitalization above $1 trillion.
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Unprecedented demand for high-bandwidth memory (HBM) and DRAM used in AI servers has turned a once cyclical commodity into vital hardware in hyperscale data centers. Tight supply, sold-out HBM capacity, and multiyear contracts with big tech have fueled record revenue and profit margin expansion for Micron.
Image source: Getty Images.
What does Wall Street expect for Micron earnings?
Consensus analyst estimates point to $33.7 billion in revenue and $19.21 in earnings per share (EPS) for Micron's third-quarter results. The company's management has consistently highlighted strong AI-driven demand, potentially suggesting the figures above are achievable. A robust earnings beat and optimistic outlook would help reinforce the narrative that memory is no longer an option in AI workloads, but rather a critical enabler within chip stacks.
Should you buy Micron stock before earnings?
Trying to identify the perfect entry point for a stock is a classic trap. Even the strongest companies can gap down on minor earnings shortfalls or tempered guidance, especially after the type of run-up Micron has enjoyed.
Volatility leading up to events like earnings usually has little to do with long-term value creation. Moreover, waiting for a pullback ultimately risks missing further upside if the AI capital expenditure supercycle continues to accelerate.
Smart investors understand that timing the market doesn't matter when owning a high-quality compounder. In the long run, the secular demand shift in memory chips outweighs any single earnings report. For investors with high conviction around the multiyear AI memory narrative, Micron remains a buy.
Should you buy stock in Micron Technology right now?
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Adam Spatacco has positions in Nvidia. The Motley Fool has positions in and recommends Broadcom, Micron Technology, Nvidia, and Taiwan Semiconductor Manufacturing. The Motley Fool has a disclosure policy.
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