TLDR
- Micron (MU) rose 2% to $917.20 in premarket trading Wednesday after falling 16% in October through Tuesdayâs close.
- Super Micro Computer (SMCI) raised its fiscal first-quarter revenue guidance to $18.5 billion to $19.5 billion, and its stock jumped 13%.
- SpaceX (SPCX) rose about 9% after strong earnings and plans to spend up to $40 billion in the fourth quarter.
- Micron has had just four positive days this month, though it is still up more than 200% in 2026.
- Micron trades at 12.7 times forward earnings, with analysts expecting revenue to jump 108% over the next year.
Micron (MU) stock rose 2.3% to $917.20 in premarket trading on Wednesday. That follows a 16% drop in October through Tuesdayâs close, when the stock finished at $896.07.
If the gains hold, it would be only the fifth positive day for Micron this month. That is a rare stretch for a stock that is up more than 200% this year.
Two reports helped lift the AI trade before the open. One came from Super Micro Computer (SMCI) and the other from SpaceX (SPCX).
Super Micro raised its revenue guidance for the fiscal first quarter. It now expects $18.5 billion to $19.5 billion, up from a prior range of $14.5 billion to $15.5 billion. The stock jumped 13% in premarket trading.
SpaceX rose about 9% after its earnings report. The company also said it plans to spend up to $40 billion in the fourth quarter.
That spending plan is the kind of news AI investors like to hear. Micron was not among the biggest risers, but it got a lift all the same.
A Rough Week Even for a Trillion-Dollar Name
Micron crossed the $1 trillion market cap mark before the recent pullback. Over the past week, the stock fell 11.14% to $878.84, according to Investing.com.
That is a big move, even for a chip stock. Memory names tend to swing hard.
Micron is one of the few makers that can produce high-bandwidth memory (HBM) at scale. HBM sits on top of AI accelerators, which is why demand for it has been so strong.
The stock now trades at just 12.7 times forward earnings. Wall Street expects revenue to rise 108.3% and earnings per share to climb 137.2% over the next year.
What the Valuation Debate Looks Like
Some analysts say a low P/E in memory can be a trap. Memory is a cyclical business, and these stocks often look cheapest near the top of a cycle.
Right now, HBM is in short supply and prices are high. Micronâs factories are running flat out, which makes current earnings look strong.
The concern is what comes next. High prices tend to push makers to build more capacity, and that extra supply can eventually push prices down.
Investing.comâs InvestingPro model sees things differently on value. It puts Micronâs fair value at $1,560 per share, about 77.6% above the recent price.
The same service rates Micronâs financial health as âExcellent.â Total debt makes up just 0.5% of total capital.
Still, the size of the company is a factor. To double from here, Micron would need to add another $1 trillion in market value.
Before Wednesdayâs open, Micron was indicated at $921.51 in premarket trading, up 2.84% from Tuesdayâs close of $896.07. Super Micro was up 13% and SpaceX was up about 9% at the same time.
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