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Micron Technology Inc (NASDAQ:MU) is one of Renaissance Technologies’ top semiconductor stock picks. Micron shares have gained more than 180% year-to-date and surged 830% over the past year.

Source: Micron Technology

On May 26, Mizuho reaffirmed an Outperform rating on Micron Technology Inc (NASDAQ:MU) stock with a price target of $800 on the shares. This action followed Mizuho’s meeting with Micron executives, with the firm citing strong demand for memory chips driven by artificial intelligence applications.

The firm stated that growing AI adoption is creating an undersupplied memory market, adding that this situation could continue through 2026 and 2027. According to Mizuho analyst Vijay Rakesh, demand for high-bandwidth memory (HBM) and DRAM is being fueled by AI workloads.

Mizuho said pricing for HBM4 and HBM4e products could increase between 70% and 100% in 2027, following a pricing reset in Q4 2025. The firm linked the expected increase to rising DRAM prices and growing product complexity.

Outside the HBM market, Mizuho noted that supply for key customers remains 30% to 50% below demand. The firm expects this supply-demand imbalance to persist beyond 2026. Mizuho also highlighted increasing customer interest in long-term supply agreements.

Micron Technology Inc (NASDAQ:MU) is an American semiconductor company that specializes in computer memory and computer data storage products. Its portfolio includes dynamic random-access memory, flash memory, and solid-state drives. Micron’s memory products are used in data centers, AI systems, cars, and a variety of consumer devices.

While we acknowledge the potential of MU as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

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