Artificial intelligence accelerators developed by companies like Nvidia and Broadcom require more memory than traditional processors. That has made memory chip manufacturer Micron Technology (MU 4.08%) one of the hottest stocks on the market.

Demand for memory chips has led to an unprecedented supply shortage, causing prices to skyrocket. Indeed, dynamic random access memory (DRAM) prices have nearly tripled over the past year, according to The Wall Street Journal. And Micron stock has advanced 350% to $423 per share over the same period.

Here’s my prediction: Micron will trade around $554 per share after the company delivers its fourth-quarter financial report in late 2027. That implies 31% upside from its current share price.

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