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Micron Technology (MU) is one of the world's largest producers of memory and storage semiconductors, manufacturing DRAM, NAND flash and high-bandwidth memory (HBM) that underpin AI accelerators, data centers and consumer electronics. What separates MU from generic chip stocks is its direct role in the buildout of AI infrastructure. HBM sits inside NVIDIA's most advanced GPUs, and Micron is one of only a few global suppliers capable of producing it at scale.
In this article, we cover MU's 2026 market performance, the bullish and bearish factors shaping its outlook, what retail investors should understand before taking a position in the stock and how to trade MU on Bybit.
Key Takeaways:
Micron's fiscal Q2 2026 revenue hit a record $23.9 billion, up 196% year-over-year, with gross margins expanding to nearly 75%.
HBM3E and HBM4 chips have sold out through 2025 and 2026, providing Micron with revenue growth and stability in an otherwise cyclical business.
Bybit's TradFi platform lets you trade MU with 24/7 market access via Perpetual contracts and contracts for difference (CFDs).
As of the close of trading on May 19, 2026, MU is priced at $698.74, with a market cap of $768.6 billion, a year-to-date return of +140% and a one-year return of +597%. Its 52-week range runs from a low of $90.93 to a high of $818.67, a spread that reflects Micron's transformation from a depressed cyclical to an AI infrastructure beneficiary.
MU drifted from around $90 in early 2022 down to $50 by the end of that year, remained subdued through the memory business downturn of 2023 and then recovered to above $90 by early 2024. It was still trading in that $90–95 range as recently as May 2025. The past 12 months’ run since then has been exceptional by any measure, resulting in the current return of nearly 600%.
Wall Street’s opinion reflects that repricing and optimism toward the stock. Of 49 analysts covering MU, 45 rate it a Buy, three a Hold and just one a Sell, with a median 12-month price target of $600 — a level the stock has already surpassed.
Micron's fiscal Q2 2026 results were a structural repricing event, not just a one-off strong quarter. Revenue came in at a record $23.9 billion, up 196% year-over-year, with records set across every major product line. Gross margins reached 74.9%, an expansion of 18 percentage points in a single quarter. Adjusted free cash flow for the period hit $6.9 billion, strong enough that Micron’s board approved a 30% dividend increase alongside the results.
The key driver of the spectacular growth has been the HBM product line. HBM3E and HBM4 chips have sold out through all of calendar 2025 and into 2026, with demand continuing to outpace supply. Volume production of HBM for NVIDIA's Vera Rubin platform is already underway, solidifying Micron's role in next-generation AI infrastructure. Fiscal Q3 2026 guidance calls for another record: $33.5 billion in revenue with gross margins of approximately 81%.
Capital expenditures are projected to exceed $25 billion in FY2026, with guidance pointing to a further step-up in FY2027. This level of spending compresses free cash flow even in a strong revenue environment.
Memory is a cyclical industry, and margins of 75% to 81% sit near historical extremes. If AI spending decelerates, or if HBM supply catches demand, prices could compress rapidly. Following the company’s exit from China’s data center industry, Micron has also lost revenues from this important market. Aside from the immediate revenue hit, this introduces a geopolitical risk if rivals benefit from the demand gap left by Micron in China.
As noted above, Micron boasts near-universal Wall Street analyst approval.. HBM chips are effectively sold out for the year, which converts what is typically an unpredictable revenue line into something closer to a guaranteed order book, a rarity for any memory manufacturer at any point in the cycle.
MU is a top-tier AI infrastructure stock, but memory cycles have a consistent history of turning faster than consensus expects. The pricing power currently driving margins toward 81% could reverse if HBM supply were to overtake demand. Watching HBM's pricing commentary on each quarterly earnings call is the clearest signal of where the cycle currently stands.
Bybit offers the following two ways to trade MU on its TradFi platform:
These are USDT-denominated, USDT-settled derivatives that track MU's price continuously, including outside US stock market hours.
To access the MU TradFi Perpetual contract (MUUSDT), follow these steps:
Create or log in to your Bybit account on your desktop.
Alternatively, open or download the Bybit App to access TradFi Perpetuals on your mobile device.
Go to Trade → Futures to access the default Perpetuals trading screen.
In the search box at the top-left of the screen, type in MU and click on the MUUSDT Perpetual contract.
In the order panel on the right, specify your order details: Long to go long or Short to go short, order type (Market, Limit or more advanced types), quantity, and target price (for Limit or Conditional orders). Then, click on Long/Short to open your position.
Bybit also offers MU CFD (contract for difference) trading for verified TradFi users, another derivative that lets you speculate on MU price movements without owning the underlying stock.
To access TradFi MU CFD, follow these steps:
Create or log in to your Bybit account on your desktop.
Alternatively, open or download the Bybit App to access TradFi on your mobile device.
Go to Trade → TradFi.
Click on Apply to have your TradFi account approved.
Transfer USDT from your Funding Account to your TradFi account.
Navigate to Trade → TradFi → Stocks, and select MU.
In the order panel on the right, specify your order details: Buy or Sell, order type (Market or Trigger), quantity or value, and trigger price (for Trigger orders). Click on Buy/Sell to place your order.
MU is a boosted token in the current Boost Battle Series 4, meaning that MUUSDT Perp trades count at a significantly higher volume multiplier toward prize pool rewards.
Micron enters mid-2026 with record revenue and margins and an HBM order book that provides unusual forward visibility for a memory supplier. The bull scenario is grounded in structural AI demand and genuine supply constraints. Conversely, capex intensity, the absence of China data center exposure and memory's tendency to mean-revert are risks that don't disappear, simply because the current cycle is exceptional. Each quarterly earnings call will serve as a critical checkpoint for reassessing MU’s prospects.
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