Micron Technology's stock price has experienced a remarkable rise, climbing over 1,100% from a low of $64 in April 2025 to around $790 as of May 11, 2026. Deutsche Bank has set a new price target of $1,000, the highest on Wall Street, driven by a structural shift in memory chip demand fueled by artificial intelligence. Micron's revenue surged to $23.86 billion last quarter, up from $8 billion the previous year, showcasing a robust growth rate of 90% year-over-year. Analysts highlight that Micron's forward price-to-earnings ratio of 12 is significantly lower than the sector median of 24, indicating that the stock remains undervalued despite its rapid ascent. The demand for DRAM and NAND chips is being propelled by the increasing requirements of AI infrastructure, with major tech companies planning to invest over $725 billion in capital expenditures, a portion of which will be directed toward memory procurement. However, some technical indicators suggest that the stock may be overbought, with a Relative Strength Index near 85. While caution is advised for short-term investors, those with a longer investment horizon may find Micron's fundamentals compelling.