Micron’s Trillion-Dollar Rally Faces a New Rival as Samsung Unleashes HBM4E Samples

Samsung’s decision to start shipping samples of its next-generation 12-layer HBM4E memory chips to customers lands in the middle of Micron’s most explosive run in years. The South Korean giant claims the new parts are more than 20 percent faster than the HBM4 generation, pairing a cutting-edge DRAM process with a 4-nanometer logic base die. The timing follows the pattern of Samsung’s recent HBM4 deliveries by just three months, signaling an accelerated cadence that threatens to upend the current market hierarchy.

Micron’s stock, however, shrugged off the competitive pressure and closed the final week of May at a fresh all-time high of €833.10, a single-day gain of 5.06 percent. The move capped a week that saw the shares surge 28.69 percent, more than doubling from the lows around €304 recorded at the end of March. Behind the rally lie two powerful catalysts: Dell Technologies’ blowout quarterly results and a dramatically raised price target from Susquehanna analyst Mehdi Hosseini, who on May 29 increased his target from $600 to $1,750.

Dell’s AI server division generated $16.1 billion in revenue, overtaking the company’s PC business for the first time, and its stock jumped 30 percent in response. The Dell COO confirmed a tight supply environment, particularly for memory chips, with customers locking in long-term contracts and prices moving higher to reflect elevated component costs. For Micron, Dell’s performance validates a theme that has become central to the investment thesis: the structural shortage of high-bandwidth memory (HBM) driven by AI infrastructure buildout.

Micron’s own data reinforce that narrative. In its second fiscal quarter, the company reported revenue of $23.86 billion, a 196 percent year-over-year surge, and earnings per share of $12.20 that handily beat the consensus estimate of $9.19. Management guided for third-quarter revenue of $33.5 billion and a gross margin of 81 percent, with the official quarterly report due on June 24. The company has also locked up its entire HBM4 production capacity for 2026 through multi-year supply agreements.

Should investors sell immediately? Or is it worth buying Micron?

Clouding the picture is the ongoing intensification of competition in the most lucrative segment of the memory market. Counterpoint Research puts SK Hynix’s HBM market share at 57 percent, Samsung at 22 percent, and Micron at 21 percent. Analysts at KB Securities and Jefferies warn that if Samsung’s HBM4E chips achieve qualification with key customers, the current distribution could shift significantly. Micron’s CEO Sanjay Mehrotra has acknowledged that the company can currently meet only 50 to 66 percent of demand for HBM products, prompting a $2 billion investment to expand its Manassas, Virginia, facility.

The supply-demand imbalance has driven steep price increases across the memory landscape. DRAM prices climbed 50 to 60 percent quarter over quarter in Q2, exceeding market expectations, while NAND flash prices jumped 75 to 100 percent. Micron has secured a strategic infrastructure partnership with AI startup Anthropic, which recently raised $65 billion in fresh funding, to develop systems for “agentic AI” applications that analysts estimate could generate an additional 9 to 13 percent of DRAM demand starting in 2027.

The stock crossed the $1 trillion market capitalization mark on May 26 and finished the week near $1.1 trillion, having gained 210 percent year to date and 878 percent over the past twelve months. At those levels, the analyst community remains divided. Susquehanna’s $1,750 target leads the bulls, Mizuho raised its target to $1,150, and the consensus stands at $804.26. On the technical side, the relative strength index sits at 31.4, a level that appears low given the recent price surge but reflects the erratic nature of the rally. The 50-day moving average of €483.26 and the 200-day moving average of €291.82 both lie far below the current price, leaving the stock unusually extended.

Micron at a turning point? This analysis reveals what investors need to know now.

The June 24 earnings report will offer the next major test. Until then, HBM qualification news and memory pricing trends will set the tone. The direction is clear — strong end-demand and pricing power versus a resurgent competitor in the most important chip category of the AI era.

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Micron Stock: New Analysis - 30 May

Fresh Micron information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.

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