Micron and SanDisk Hit Record Highs as Analysts See AI Demand Running Through 2030

AI data centers are consuming large volumes of HBM and server DRAM, crowding out conventional memory production and turning DRAM into a bottleneck for computing-capacity expansion. NAND supplies are also tightening. Morgan Stanley said hyperscale cloud providers remain willing to pay premium prices to secure supply and that shortages could persist for two to three years. Price increases are also set to raise the cost of smartphones, PCs and cloud equipment.

In a June 3, 2026, report, Morgan Stanley analyst Joseph Moore more than doubled his Micron price target to $1,050 from $520 and raised his SanDisk target to $1,750 from $1,100. The report said demand growth continues to outpace supply, with no sign of near-term relief, leaving significant room for further increases in both companies’ earnings forecasts and valuations.

SanDisk, Western Digital and Micron are all part of the memory and data-storage supply chain, benefiting as cloud providers increase spending on AI infrastructure. Generative AI is driving demand for data-center storage capacity and high-bandwidth memory, drawing attention to the outlook for the three companies and potential spillover effects on Taiwan-listed memory stocks.

As of July 20, 2026, shares of SanDisk, Western Digital and Micron had rebounded in tandem after an earlier pullback, with the market attributing the momentum to growth in AI workloads. The reports provided did not disclose the gains in individual stocks, trading values or exact rebound dates. Attention is now turning to whether Taiwan’s memory and storage supply-chain stocks will follow them higher.

The expansion of generative AI data centers has boosted demand for high-bandwidth memory and enterprise storage equipment, putting SanDisk's flash-memory business in the spotlight. Investors are betting on tighter supply and demand conditions and higher prices, viewing the rally as part of an AI-driven memory supercycle. Micron, Samsung Electronics and SK hynix have also benefited.

As of July 2026, SanDisk shares had risen more than 41-fold in one year, with some calculations putting the gain at about 3,600%. Its market capitalization had surpassed $200 billion. Despite the sharp rally, analysts cited in related coverage said the stock was not yet overvalued, reflecting expectations that continued AI infrastructure investment would support demand for memory and storage equipment.