Micron's core products have already passed NVIDIA certification.
Looking at the phenomenal growth rate of NVIDIA's stock price, investors are predictably looking for new participants in the stock market that could allow them to make good money on the boom in artificial intelligence systems. Since the South Korean SK hynix, which is the main supplier of HBM memory for NVIDIA’s needs, is too obviously suitable for this role, analysts are trying to discern future favorites among its competitors. According to Stifel experts, it makes sense for investors to take a closer look at Micron Technology shares.
Image source: Micron Technology
From current levels, they believe Micron shares could rise another 20% to $120. Micron will report its fiscal quarter results this month, and Stifel representatives are confident that the report will show an increase in the average selling price of Micron products amid strong demand for HBM memory. According to the source, Micron, following SK hynix, managed to obtain the right to supply current generations of HBM memory for computing accelerators not only NVIDIA, but also AMD, so the company’s core revenue will grow very dynamically.