The $600 Stock That Has Wall Street Whispering About a Split

Micron Technology has entered rarefied territory. The memory-chip maker’s shares punched through a fresh 52-week high of €602.60 on Friday, capping a 12-month rally that has swelled the company’s market value by nearly 700%. That surge has placed Micron among the ten most valuable technology companies in the United States — and ignited a debate that last surfaced when Bill Clinton was still in the White House.

The chatter around a potential stock split is growing louder. At roughly €551 per share, the equity has become a stretch for retail investors, and the relative strength index has climbed above 73, flagging deeply overbought conditions. The last time Micron split its shares was May 2000, a move followed by nearly two decades of stagnant returns. The current setup, however, bears little resemblance to that era.

The Numbers Behind the Rally

The price action rests on a foundation of extraordinary operating performance. In the fiscal second quarter of 2026, revenue exploded 196% year over year to nearly $24 billion. Net income hit roughly $13.8 billion, while gross margin swelled past 74%. For the current third quarter, management is guiding for revenue of around $33.5 billion — a figure that matches the company’s entire 2023 annual haul — and a gross margin of 81%.

The engine behind these numbers is the insatiable appetite for high-bandwidth memory from hyperscale data centers building out artificial intelligence infrastructure. Micron’s entire HBM4 production for 2026 is already sold out under binding contracts, and customers are now locking in capacity for three to five years. That marks a structural departure from the industry’s historical reliance on short-term quarterly deals, smoothing out the boom-and-bust cycles that once defined the memory business.

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Yet supply remains painfully tight. New fabrication capacity is not expected to come online until the second half of 2028. CEO Sanjay Mehrotra has told key customers they are receiving at most two-thirds of their requested volumes.

A Political Offensive in Washington

While the operational side of the business fires on all cylinders, management is waging a parallel campaign in the US capital. Micron is pressing Congress to pass the MATCH Act, legislation that would tighten restrictions on exports of semiconductor manufacturing equipment to Chinese companies. The targets include rising competitors such as ChangXin Memory Technologies and YMTC.

Mehrotra has held closed-door meetings with multiple congressional committees. A House committee has already approved the draft, and floor votes in both chambers now lie ahead. The political push adds a strategic layer to Micron’s growth story, one that could reshape the competitive landscape for years to come.

Valuation and the Calendar Ahead

Despite the blistering share-price performance, the stock trades at roughly 11 times forward earnings — a multiple that analysts at Zacks Investment Research consider cheap relative to other names in the AI ecosystem. Zacks has flagged Micron as one of the top large-cap ideas, forecasting revenue and earnings growth of more than 100% for the current fiscal year. Inclusion in the S&P 100 in March has also triggered automatic inflows from passive index funds.

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The next major catalyst arrives on May 20, when management takes the stage at J.P. Morgan’s technology conference in Boston. Investors will be listening for any signals on pricing strategy, capacity expansion, or capital allocation — including the possibility of that long-discussed stock split. A harder data point follows on June 24, when Micron reports fiscal third-quarter results.

The memory market itself is expanding rapidly. Micron projects the HBM chip market will reach $100 billion by 2028. For a company that has already sold every chip it can make for next year, the question is no longer about demand — it is about how much of that opportunity it can capture before competitors catch up.

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