Shares in memory chip companies Micron and Sandisk continued their rally after Melius Research analysts projected that memory demand could remain high through 2030.
The prices of memory components have soared in recent months due to high demand from artificial intelligence companies. Melius’ two-year price target for Micron is US$1,350, with analyst Ben Reitzes saying its shares could rise a further 41% in the next year.
"The market will eventually be willing to pay more for the unusual durability of the margin and demand profiles that AI makes possible,” wrote Reitzes.
“We are only in the early innings of this AI cycle and the need for memory has never been stronger.”
Melius’ price target for Sandisk is $700. Reitzes projected that its shares will rise a further 36% in the next 12 months.
Memory prices rose by 80-90% in the first month of 2026, Counterpoint Research found. Manufacturers like Micron are increasingly re-routing production towards high-bandwidth memory chips, which are used to train AI models.
Micron (NASDAQ: MU) shares are up 567.7% in the past 12 months, while Sandisk (NASDAQ: SNDK) shares have surged by 3,216.4%.
Micron’s share price closed 5.6% higher at $524.56, and rose a further 0.3% after-hours. Its market capitalisation is $591.56 billion.
Sandisk’s share price closed 8.1% higher at $1,070.20, and climbed another 0.8% after-hours. Its market capitalisation is $157.96 billion.
