Micron (MU) Stock: $983 After a 5.9% Jump on SK…
Updated 29 October 2026. Micron (MU) closed at $983.23 on Wednesday 28 October, up $54.47 or 5.86 percent, after SK hynix reported a record quarter and said memory demand will outpace supply through 2030. After hours it gave back $24.23 to $959.00 at 7:59 pm ET as Alphabet’s results hit tech (StockAnalysis). Verdict: the memory read-through is as strong as it has been all cycle; the question for Thursday is whether it survives a weaker Nasdaq tape. Sandisk reports after the close tonight – the next test of memory pricing. Reference levels: $880 below, $1,100 above.
Key facts
- Price: MU closed at $983.23 on 28 October, up 5.86 percent, in a $959.34 to $990.00 range, on volume of 30.7 million shares against a 29 million average (StockAnalysis; The Motley Fool). After hours it traded at $959.00, down 2.46 percent, at 7:59 pm ET.
- Where it sits: the 52-week range is $192.59 to $1,255.00, so Wednesday’s close is about 22 percent below the high. Market value is about $1.11 trillion (StockAnalysis). The stock fell about 11 percent in the month before Wednesday (24/7 Wall St.).
- SK hynix: third-quarter revenue of 104.6 trillion won rose 328 percent year on year and beat a 98.34 trillion won consensus; operating profit of 83.3 trillion won rose 632 percent against about 76.7 trillion won expected (The Motley Fool). Net profit of 39.77 trillion won missed the 59.67 trillion won analyst average (Yonhap, via 24/7 Wall St.).
- The supply call: SK hynix said demand is expected to outpace supply through 2030 and that supply is essentially sold out for the next three years. It plans to return 100 trillion won to shareholders (The Motley Fool).
- Sandisk tonight: Sandisk reports fiscal first-quarter results after Thursday’s close against revenue guidance of $10.30 billion to $10.80 billion (24/7 Wall St.). Analysts expect EPS of $46.22 on revenue of $10.64 billion (Benzinga).
- The tape: Nasdaq-100 futures were lower overnight after Alphabet fell about 10 percent after hours on a profit miss and negative free cash flow; readings differ by time, from about 0.8 percent to 1.4 percent down (TipRanks; investingLive).
- Analysts: the average 12-month target of 49 analysts is $1,561.91, rated Strong Buy (StockAnalysis). Micron’s next report is estimated for 16 December.
What SK hynix said, and what it means for Micron
SK hynix is the largest supplier of high-bandwidth memory into Nvidia’s AI systems, and its numbers are the cleanest live read on memory pricing between Micron’s own reports. A 632 percent jump in operating profit and a “sold out” message for three years is the strongest form of the bull case. Our desk covered Wednesday’s move in Micron stock rises 5.5% as SK hynix says DRAM and HBM sold out through 2029, and the full Korean results are in our SK hynix Q3 report.
Not everyone reads it the same way. Counterpoint’s MS Hwang said earnings have not peaked and the upward trend may last through 2027, naming a 2018-style pullback in cloud orders as the main risk. Kim Dae-jong of Sejong University said current earnings may not be sustainable in one or two years (via 24/7 Wall St.). That split is why Micron, at about 13 times earnings according to The Motley Fool, still trades 22 percent below its high despite record supplier results.
Tonight: Sandisk and the hyperscalers
Sandisk is a NAND maker, not a DRAM one, so its report tests a different part of the memory market; a strong guide would support the view that pricing is tight across the board. Our Sandisk preview sets out the numbers to watch. On the demand side, Alphabet kept its 2026 capex at $195 billion to $205 billion and said 2027 will be significantly higher, and Microsoft guided its next-quarter capex above $50 billion – both supportive for memory volumes even as Alphabet’s shares fell. Amazon reports after the close too.
MU this week: bull, base and bear
| Scenario | MU | What has to happen | Anchor |
|---|---|---|---|
| Bear | $880 | The Alphabet sell-off spreads to AI hardware, Sandisk guides cautiously, and Wednesday’s gain unwinds with the prior month’s 11 percent slide resuming. | About 10.5 percent below Wednesday’s $983.23 close, near the $878 level the stock held into 26 October. |
| Base | $940-$1,010 | The SK hynix read-through holds but the Nasdaq tape caps follow-through; the stock trades around Wednesday’s range into Sandisk. | Below Wednesday’s $959.34 low to above its $990 high. |
| Bull | $1,100 | Sandisk beats and guides higher, Amazon confirms its capex plans, and memory stocks resume their rally toward the highs. | About 11.9 percent above Wednesday’s close and still below the $1,255 52-week high. |
The bear case sits below Wednesday’s close and the after-hours quote. These are reference levels measured from the verified close, not forecasts; the analyst average of $1,561.91 is a 12-month target.
What to watch
- Thursday 29 October, premarket: whether the $959 after-hours level holds against weaker Nasdaq futures.
- Thursday, 8:30 am ET: third-quarter GDP and September PCE inflation.
- Thursday after the close: Sandisk fiscal first-quarter results and guidance; Amazon and Intel results.
- Tuesday 3 November: AMD results, another read on AI-hardware demand.
- 16 December (estimated): Micron’s fiscal first-quarter report.
Quick take: Micron jumped 5.86 percent to $983.23 on Wednesday after SK hynix posted a 632 percent profit jump and said demand will outpace supply through 2030, then slipped to $959 after hours as Alphabet hit tech. Sandisk reports tonight. Expect $940-$1,010 into the print. A strong Sandisk guide opens $1,100; a spreading AI-hardware sell-off opens $880.
FAQ
What is Micron’s stock price today?
Micron closed at $983.23 on Wednesday 28 October 2026, up 5.86 percent, and traded at $959.00 after hours at 7:59 pm ET (StockAnalysis).
Why did Micron stock go up?
SK hynix reported record third-quarter revenue and operating profit and said memory demand is expected to outpace supply through 2030, with supply essentially sold out for three years (The Motley Fool).
Why is Micron down after hours?
Alphabet fell about 10 percent after hours on a profit miss and negative free cash flow, pulling Nasdaq-100 futures and AI-hardware stocks lower overnight.
When does Sandisk report earnings?
Sandisk reports fiscal first-quarter results after the close on Thursday 29 October 2026. Analysts expect EPS of $46.22 on revenue of $10.64 billion (Benzinga).
What is the price target for Micron stock?
The average 12-month target of 49 analysts is $1,561.91, about 59 percent above Wednesday’s close (StockAnalysis).
What is Micron’s all-time high?
Micron’s 52-week high is $1,255.00; Wednesday’s close was about 22 percent below it (StockAnalysis).
Sources: StockAnalysis (28 October close, range, after-hours quote, 52-week range, market value, analyst consensus, earnings date); The Motley Fool (volume, SK hynix revenue and operating profit vs consensus, supply comments, shareholder returns, valuation, 28 October); 24/7 Wall St. (SK hynix net profit via Yonhap, prior-month moves, Counterpoint and Sejong University views, Sandisk guidance); Benzinga (Sandisk consensus); TipRanks and investingLive (overnight futures); Alphabet and Microsoft results (capex guidance).
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Stock prices are volatile. Do your own research and consult a licensed financial adviser before making investment decisions.
