MU Is Up Over 60% in 2026 and Analysts See More Runway. MULL Doubles Your Daily Return Potential.

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Micron Technology has been one of the standout performers of 2026. Shares are up over 60% year-to-date (As of March 17, 2026), driven by record demand for high-bandwidth memory, tightening supply across the DRAM and NAND markets, and a data center buildout that continues to accelerate. The company's most recent quarterly earnings came in at $4.61 per share, beating estimates by 25.6%, and Wall Street is projecting that growth trajectory to continue sharply into fiscal 2026.

The next major catalyst is close. Micron reports its fiscal second quarter results on March 18th after the close, with analysts expecting EPS of $8.18, a year-over-year increase of more than 480%. That would represent one of the most dramatic single-quarter earnings expansions of any large-cap stock in the market right now.

While trading shares of Micron capture MU's daily price movement, they often leave money on the table for traders with high-conviction views on the upcoming earnings report. The GraniteShares 2x Long MU Daily ETF (MULL) offers a way to access a strategy targeting 200% of Micron's daily percentage change both upside and downside in a single ticker.

Why Micron Stock Is Moving

Micron sits at the intersection of two of the most powerful demand drivers in the semiconductor market right now: AI infrastructure spending and a structural tightening of memory supply.

On the demand side, the rapid expansion of AI data centers is driving sharply higher requirements for high-performance, high-capacity memory. High-bandwidth memory, or HBM, has emerged as the critical component in AI accelerator stacks, and Micron has already secured pricing and volume agreements covering its entire 2026 HBM supply, including next-generation HBM4 products. Management expects server demand to stay strong throughout the year as both memory and storage content per server continue to rise to support AI training and inference workloads.

On the supply side, industry capacity in both DRAM and NAND remains below demand. Management has indicated it expects those conditions to persist through calendar 2026 and potentially beyond, creating a pricing environment that supports margin expansion. In the most recent quarter, consolidated gross margin reached 56.8%, and adjusted EPS surged 167% year-over-year.

The stock's forward price-to-earnings ratio sits around 12.5 times fiscal 2026 estimates, which analysts widely consider low given the earnings growth ahead. Full-year fiscal 2026 EPS consensus stands at $35.43, representing more than 360% year-over-year growth, with fiscal 2027 projections adding another 52% on top of that.

Wall Street Is Bullish on MU, but Debates Upside Potential

Of 41 Wall Street analysts, 32 rate MU a Strong Buy, 6 a Buy, and 3 a Hold. The average price target of $381.78 sits below where the stock trades today, while individual targets range from $140 to $550, reflecting broad agreement on the AI memory thesis and genuine disagreement on how much of the cycle is already priced in. 

Wedbush's Matt Bryson (Buy, $500), TD Cowen's Krish Sankar (Buy, $500), Robert W. Baird's Tristan Gerra (Buy, $500), and RBC Capitals' Srini Pajjuri (Buy, $525) upped their price targets in the past week in anticipation of MU's earnings report.

Trading MU's Momentum With 2x Daily Leverage

GraniteShares 2x Long MU Daily ETF (MULL) seeks daily investment results, before fees and expenses, of 200% of the daily percentage change of Micron Technology common stock.

• When MU rises 1%, MULL targets a 2% gain (before fees)
• When MU falls 1%, MULL aims for a 2% decline (before fees)
• Net annual operating expense ratio: 1.5%*
• Total Annual Operating Expense Ratio: 3.06%
• No need to borrow shares or maintain margin collateral

Like all daily leveraged funds, MULL resets its position every evening. The 2x target applies to single-day price swings, and holding the fund beyond a single day introduces compounding effects. MULL is designed for short-term tactical trading, not long-term holds, and requires active monitoring.

Because MULL is long-only with no inverse counterpart, position sizing is the primary risk management lever. Traders typically hold it in smaller allocations for defined windows around specific catalysts, then reassess rather than carry it through multiple trading sessions.

*GraniteShares Advisors LLC has contractually agreed to waive its fees and / or pay for the operating expenses of the Fund to ensure that the total fund operating expenses will not exceed 1.50% until December 31, 2026

March 18th Will Be The Ultimate Test for Micron’s AI Edge

Micron's AI memory story has been building for months, and it is approaching a near-term test. The March 18th earnings report will either validate the Street's aggressive growth projections or introduce doubt into a stock that has already moved significantly. Either way, the single-day price swings around the announcement are likely to be meaningful.

That is exactly the kind of environment MULL is built for. Traders who want to act on a directional view on MU without managing margin or borrowing shares can use MULL to double their daily leveraged position in a single trade.

Leveraged ETFs pursue daily leveraged investment objectives, which means they are significantly riskier than alternatives that do not use leverage. They seek daily goals and should not be expected to track the underlying stock over periods longer than one day. They are not suitable for all investors and should be utilized only by sophisticated investors who understand leverage risk and who actively manage their investments. An investor could lose the full principal value of their investment within a single day.

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The Fund seeks daily leveraged investment results and are intended to be used as short-term trading vehicles. This Fund attempts to provide daily investment results that correspond to the respective long leveraged multiple of the performance of its underlying stock (a leverage Fund).

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Because of daily rebalancing and the compounding of each day’s return over time, the return of the Fund for periods longer than a single day will be the result of each day’s returns compounded over the period, which will very likely differ from 200% of the return of the Underlying Stock over the same period. The Fund will lose money if the Underlying Stock’s performance is flat over time, and as a result of daily rebalancing, the Underlying Stock volatility and the effects of compounding, it is even possible that the Fund will lose money over time while the Underlying Stock's performance increases over a period longer than a single day.

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