Micron Stock Could Be Worth $2,000 by 2030. Here Is the Bull Case

Micron Technology's most recent financial results were outstanding.

The company needs to keep up a torrid pace through 2030 to reach $2,000 per share.

Although Micron will eventually run into headwinds, the stock can still deliver decent returns.

Micron Technology (NASDAQ: MU) is riding the wave of the artificial intelligence (AI) revolution. The company sells DRAM (Dynamic Random Access Memory) chips that are critical components powering the AI boom by enabling faster data processing in advanced AI servers and computing systems. Over the past year, Micron's shares have soared 595%, but what if the stock could continue delivering outstanding returns through 2030? Here's the case for Micron's share price reaching $2,000 by 2030, up from its current $861 (as of writing).

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Micron is benefiting from a shortage of memory chips, which is granting it significant pricing power. The company's most recent financial results look like something out of a dream for the bulls. In the third quarter of its fiscal year 2026, which ended May 28, Micron's revenue was $41.46 billion, up almost 346% compared to the year-ago period. The company's earnings per share (EPS) were $25.11, 1215% higher than the year-ago period. Yet the stock trades at just 5.7x forward earnings.

What gives? The market is betting that Micron won't be able to keep up this pace. The market is right. Growth will slow eventually, but what if it persists longer than many investors assume? Some experts expect the memory chip shortage to last at least until 2028. Further, Micron has signed long-term deals that protect it, at least somewhat, against a catastrophic revenue dip as things slow down.

Assuming Micron can maintain a forward price-to-earnings (P/E) ratio of around 5.7 through 2030, the company's EPS would need a compound annual growth rate of 23.5% for the stock price to reach $2,000.