Micron Technology has reported a significant surge in revenue, driven by the ongoing AI memory supercycle and a critical shortage of high-bandwidth memory (HBM). The company's Q2 FY2026 results revealed a 196% year-over-year increase in revenue, reaching $23.86 billion, alongside record gross margins. CEO Sanjay Mehrotra highlighted the unprecedented gap between demand and supply for DRAM, including HBM, which has fueled this growth. Micron's entire 2026 HBM supply is already committed, with no substantial new capacity expected before 2028, emphasizing the current supply constraints. Despite the stock's impressive rise to $751, Wall Street remains divided on its valuation, with price targets ranging from $155 to $1,100. The company's future performance hinges on sustained HBM demand, margin expansion, and earnings growth exceeding market expectations.