Morgan Stanley forecasts Micron's revenue to reach $172.9 billion in 2026, growing to $285.9 billion in 2027, representing a 65% year-over-year increase. The firm projects operating income to be $140.7 billion in 2026, surging to $248.7 billion in 2027, a 77% year-over-year increase.
Micron's projected operating income, nearly 40% of its current market cap in two years, implies unprecedented HBM pricing power and demand from AI compute buildouts.