BofA projects Micron could reach $236 EPS by fiscal 2030, a 34% annual earnings growth rate that the market is ignoring. Micron's DRAM revenue surged 343% year over year, powered by HBM which requires 3x the wafer capacity per bit, keeping supply constrained. Trading at roughly 6x forward earnings, Micron appears undervalued if AI demand extends the memory boom longer than skeptical investors expect.
The most widely read finance newsletter on Substack isn't published by a bank, it's Doomberg, where 383,000+ readers get the energy and macro analysis the mainstream press misses. 24/7 Wall St. readers save 17% on their first year here. The semiconductor market has spent decades teaching investors the same lesson: memory booms eventually become memory busts. Supply catches up with demand, pricing falls, margins collapse, and yesterday's earnings suddenly look like a mirage.
That history explains why investors continue to treat Micron Technology (NASDAQ:MU) as a cyclical stock, even after AI has pushed its results into territory the company has never seen before. Micron generated $41.46 billion of revenue and an 85% gross margin in fiscal Q3 2026, versus 38% a year earlier. Now Bank of America is asking investors to consider whether AI has broken that cycle.
BofA Global Research sketches out a dramatically different future for Micron. Under its "SanDisk-like" assumptions, sales reach $377.3 billion by fiscal 2030, versus $280.5 billion in the consensus case. That implies a 30.7% sales CAGR and a 34.1% EPS CAGR through fiscal 2030.
Yet the market values Micron at roughly 6x forward earnings on the consensus fiscal 2027 EPS estimate of $151.37 -- pricing in an end to the memory party well before Micron gets comfortable. BofA thinks that's backward. Before Doomberg published a word, its team spent long careers in heavy industry, private equity, and the hard sciences.
They take no advertisers and serve no institution — which is why their lateral-thinking coverage of energy, finance, and geopolitics reads nothing like consensus financial media. Doomberg has set aside a discounted rate exclusively for 24/7 Wall St. readers — it isn't available on their main page. Bank of America is betting big that the AI revolution has fundamentally rewritten the rules of the semiconductor game—challenging decades of market history. © 24/7 Wall St.
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