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Micron (MU) extended gains on June 22 after announcing a strategic partnership with Anthropic aimed at co-designing and securing hardware infrastructure for massive AI workloads.
As investors cheered the Anthropic news, MU’s relative strength index (RSI) looks poised to climb into the early 70s, indicating overbought conditions that often trigger a selloff.
Micron stock has been nothing short of a blockbuster investment in 2026, currently up roughly 300% versus the start of this year.
Does the Anthropic Deal Warrant Buying Micron Stock?
The landmark agreement with Anthropic is highly bullish for MU shares because it reinforces the chipmaker’s role at the bedrock of next-generation artificial intelligence infrastructure.
Under the multi-year deal, Micron is making a strategic investment in Anthropic’s Series H funding round, while simultaneously locking in a massive commitment to supply high-performance memory and storage architecture.
This includes specialized hardware essential for training and serving Anthropic’s flagship Claude models.
On Monday, co-founder Tom Brown emphasized that advanced memory is the primary bottleneck in scaling AI, making Micron’s High-Bandwidth Memory (HBM) and DRAM indispensable for Anthropic’s future roadmap.
In short, the team-up gives MU multi‑year, visibility‑rich demand for HBM — the highest‑margin product in its portfolio.
What Could Drive MU Shares Higher in the Near Term?
Micron is scheduled to report its fiscal Q3 earnings on June 24, which are broadly expected to drive its stock price even higher in the near term.
Consensus is for the multinational to post record-breaking numbers, with revenue expected to come in at about $35 billion on a more than 10x increase in adjusted earnings per share (EPS) to $20.81.
Ahead of the quarterly print, Bernstein analysts led by Mark Li reiterated their “Outperform” rating on Micron shares and more than doubled their price target to $1,300.
In his research note, Li argued that a prolonged DRAM shortage and rising pricing premiums will drive MU’s profit margins to an unprecedented peak.
Micron Remains Buy-Rated Among Wall Street Firms
Other Wall Street analysts seem to agree with Li’s bullish stance, especially since MU stock is still trading at a rather attractive 19x forward earnings multiple.
The consensus rating on Micron Technology remains at “Strong Buy,” with price targets as high as $1,750 indicating potential upside of a whopping 45% from here.
