Micron Technology, Inc. (MU) and Advanced Micro Devices, Inc. (AMD) are positioned to significantly benefit from the ongoing artificial intelligence (AI) infrastructure boom. In Q2 fiscal 2026, Micron saw revenues surge 196% year-over-year to $23.86 billion, with adjusted earnings per share (EPS) increasing 682% to $12.20. In contrast, AMD reported Q1 fiscal 2026 revenues of $10.3 billion, reflecting a 38% year-over-year increase, with data center revenues rising 57% to $5.8 billion.
Micron is capitalizing on a robust memory cycle driven by AI demand, emphasizing its leadership in high-bandwidth memory (HBM) and advanced DRAM technologies. Meanwhile, AMD is aggressively expanding in AI infrastructure with its EPYC CPUs and Instinct GPUs, and it expects server CPU revenues to grow over 70% year-over-year in Q2 2026. Interestingly, Micron’s valuation, trading at a forward price-to-earnings multiple of 8.25X compared to AMD’s 50.07X, suggests a more attractive investment opportunity.
Both companies are set to benefit from AI-driven growth, but forecasts indicate Micron’s fiscal 2026 revenues and EPS will rise 194.4% and 611%, respectively, while AMD’s will grow at 39.1% and 72.7%. As of now, Micron Technology is rated a Zacks Rank #1 (Strong Buy), contrasting with AMD, which holds a Zacks Rank #3 (Hold).
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