Is Micron (MU) Stock Still a Buy as Intel and SK Hynix Eye Its Turf?

TLDR

• Micron (MU) stock was up 0.69% in Wednesday’s premarket, trading at $933.99
• Intel and SK Hynix are exploring a joint venture or facility lease to manufacture memory chips in the U.S., creating potential competition for Micron
• Micron appointed Deidre Hanford as president of its new $10 billion Micron Research Labs in Idaho
• Micron reports earnings on Sept. 30; Wall Street expects EPS of $31.30 on revenue of $50.78 billion
• Analysts hold a Buy consensus on MU with an average price target of $1,521.74

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Micron Technology (MU) stock was trading up 0.69% at $933.99 in Wednesday’s premarket session, as broader market risk appetite improved. Nasdaq futures were up 0.47% and S&P 500 futures gained 0.27%.

Micron Technology, Inc., MU

The premarket move came alongside a Reuters report that Intel and SK Hynix are in early discussions to either lease Intel chipmaking facilities or form a joint venture to produce memory chips in the United States.

The plans are still at an early stage. But if they move forward, they would add American-made memory chip supply and put new competitive pressure on Micron, which has long been the dominant U.S. player in the memory market.

For now, memory demand far outstrips supply, so the threat to Micron is not immediate. Still, it is a development worth watching.

Micron has been moving fast to cement its own U.S. manufacturing position. The company recently expanded its U.S. investment plan to $250 billion through 2035, partly in response to potential tariffs on chips made overseas under the Trump administration.

Part of that plan is a $10 billion investment to build Micron Research Labs in Boise, Idaho. The lab was announced in August 2026 and will focus on future memory architectures, advanced packaging, and next-generation chip manufacturing.

Hanford Named to Lead Research Labs

On Tuesday, Micron named Deidre Hanford as president of Micron Research Labs. Hanford spent 37 years at Synopsys, the leading electronic design automation software company.

She will oversee the lab’s research strategy and build partnerships with universities, governments, startups, and technology partners. Micron said she will also define a research agenda that extends across academia and the broader industry.

Pella Funds CIO Jordan Cvetanovski told CNBC recently that memory companies could perform well for another one to two years, pointing to unusually high margins and industry returns. That’s a positive backdrop for Micron heading into its Sept. 30 earnings report.

Wall Street expects Micron to post earnings of $31.30 per share on revenue of $50.78 billion for the quarter. Analysts hold a Buy consensus on the stock, with an average price target of $1,521.74.

Analyst Ratings and Technical Levels

Mizuho maintained an Outperform rating on Aug. 25 but trimmed its price target to $1,300. New Street Research upgraded Micron to Buy on Aug. 14 with a $1,250 target. Citigroup kept its Buy rating on Aug. 7 while lowering its target to $1,150.

From a technical standpoint, MU is 48.6% above its 200-day moving average of $629.08 and 4.6% above its 100-day moving average of $894.23. However, the stock is 2.2% below its 20-day moving average of $956.22, suggesting near-term momentum has cooled.

Resistance sits near $1,012. Support is around $887.50, close to the 100-day moving average.

Micron’s relative strength index stands at 46.59, pointing to neutral momentum.

Micron scores 99.44 on momentum, 96.34 on quality, and 93.77 on growth in the Benzinga Edge scorecard. Value remains a weak spot at 30.69.