10 Must-Watch AI Stocks on Wall Street

6.  Micron Technology, Inc. (NASDAQ:MU)

Number of Hedge Fund Holders: 94

Micron Technology, Inc. (NASDAQ:MU) is one of the 10 Must-Watch AI Stocks on Wall Street. On November 20, UBS raised its price target on the stock to $275 from $245 while maintaining a “Buy” rating. The firm’s optimism is based on robust DRAM profitability, full HBM bookings through 2026, and upside to Q1.

According to the firm, Micron is now fully booked on High Bandwidth Memory (HBM) supply through the end of 2026. This is a reflection of tight market conditions, which also align with UBS’s recent industry checks.

“As it is about to go into quiet period, MU offered incremental color on the status of its business with commentary that was very much consistent with our latest round of industry checks — but did not positively pre-announce FQ1 (Nov). MU’s view on the duration of supply tightness has extended versus 3 months ago (now through CYE2026) and it is now fully booked out on HBM supply through CYE2026. On the back of such tight supply conditions and consistent with our recent industry checks, we see profitability in core DRAM strengthening even further — leading to DDR gross margin to surpass HBM for the first time in early C2026 even as MU faces (we think) a slightly shallower ramp in HBM revenue versus the past few Qs because of capacity limitations.”

While Micron didn’t pre-announce results, the firm believes that it is performing better than guidance, supported by DDR5 contract negotiations reaching 20% quarter-over-quarter increases or higher, while some mobile DRAM deals witnessing price increases of almost 40% quarter-over-quarter.

“All things considered, we reiterate our long-held view that the cycle will be more durable this time as HBM ‘crowds out’ the traditional memory market as most, if not all, of the capacity additions across the industry through C2027 will likely go to HBM.”

Micron Technology, Inc. (NASDAQ:MU) develops and sells memory and storage products for data centers, mobile devices, and various industries worldwide.