Micron Technology, Inc. (NASDAQ:MU) is one of the High Growth Semiconductor Stocks to Buy. On March 26, analyst Joseph Moore from Morgan Stanley issued a research note telling investors that the memory market remains more durable than the market thinks. He assigned a Buy rating on Micron Technology, Inc. (NASDAQ:MU) and raised the price target from $450 to $520 on March 19.

​The analyst said that the recent sell-off in the memory sector is a healthy pricing-in of the durability concerns. He added that the underlying strength of the sector remains strong despite the sell-off. Moore highlighted that the typical signs of a memory downturn, including flat prices, higher spending on factories, and efficiency gains, have already happened. This sparked a profit-taking spree, which led to the sell-off.

​Moore argues that memory chips are the bottleneck of AI systems and advanced CPUs. As the shortage continues, customers are willing to prepay for larger volumes of chips. Moore calls this “more durable” than the market realizes, as AI could soon eat up over 50% of all semiconductor spending, outpacing supply growth.

​Micron Technology, Inc. (NASDAQ:MU) designs and manufactures memory and storage solutions used across data centers, AI systems, and consumer devices.

While we acknowledge the potential of MU as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock.

READ NEXT: 10 High-Flying Penny Stocks to Buy and 10 Cheap Stocks to Buy for High Returns in 2026. 

Disclosure: None. Follow Insider Monkey on Google News.