Micron Is Up 900%. Here’s Why the AI Memory Trade May Still Have Room to Run

Over the past 10 months, memory chip stocks have gone from being solid beneficiaries of the AI boom to capturing a massively outsized piece of the return pie. The inflection in Micron’s performance demonstrates this. From the beginning of 2025 to the end of August 2025, Micron added around $36 billion to its market capitalization, rising to $133 billion for a strong 37% gain. Since then, returns have exploded, with Micron soaring more than 900% from August 2025, and up over 1600% since the April 2025 low.