Anders Bylund, The Motley Fool May 17, 2026 5 min read MU NVDA Micron Technology (NASDAQ: MU) is having a moment. The maker of memory chips just posted second-quarter fiscal 2026 revenue of $23.9 billion, up 196% year over year. Gross margins have scaled up past 70%, a figure that would have seemed absurd for a memory company just three years ago.
The stock trades at a forward P/E below 10, while the semiconductor industry median is around 30. If you squint, it looks a lot like Nvidia (NASDAQ: NVDA) before everyone figured out that the chip designer would dominate the artificial intelligence (AI) hardware bonanza. So naturally, the question is circulating: Is Micron the next Nvidia?
I've spent some time with this question. Will AI create the world's first trillionaire? Our team just released a report on a little-known company, called an "Indispensable Monopoly," providing the critical technology Nvidia and Intel both need.
Continue » The answer is no. But the reasoning should tell you something useful about both companies. Why the Nvidia comparison is tempting The Micron-as-Nvidia argument makes sense at first glance.
Micron makes high-bandwidth memory, and AI accelerators need high-bandwidth memory the way cars need wheels. There are only three companies on the planet that can make it at scale: Micron, SK Hynix, and Samsung (OTC: SSNLF). The company has confirmed its high-bandwidth memory capacity is 100% sold out through calendar year 2026, with shortages expected next year as well.
The addressable market could hit $100 billion by 2028. If you're looking for pick-and-shovel AI plays, Micron is a pretty compelling shovel. Tollbooth vs. destination Well, not exactly.
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