Micron Technology (NASDAQ:MU) has emerged as one of the leading players in this stage of the artificial intelligence (AI) story, and that has helped the stock skyrocket. Over the past year and a half, the maker of memory and storage has seen its stock price surge more than 1,100%. This is as demand for its chips has taken off, with the company delivering massive revenue and profit growth.

Meanwhile, the S&P 500 has climbed, even reaching record levels in recent days, but the pace hasn't been uninterrupted. Investors have worried about the depth of spending on AI infrastructure and whether it's sustainable.

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So, right now, you might be wondering about what's ahead for Micron stock. My prediction is it will reach the following level by the end of 2027...

Image source: Image source: Getty Images.

Micron's growth story

Before we talk about that, however, let's take a quick look at the Micron story so far. This company isn't new to the picture. In fact, it's been around for nearly 50 years, providing the memory and storage solutions needed for a variety of devices. Demand for these chips is cyclical, and that's resulted in growth ebbing and flowing over time, but progressively the company has increased revenue to levels well into the billions of dollars. And in recent times, the gains have been particularly steep.

MU Revenue (Annual) data by YCharts

This is thanks to demand from AI customers, as the application of AI in the real world gains momentum. We are in the early days of this transfer of AI from development into use, so we could imagine sustained growth here in the quarters and years to come. Agentic AI, involving AI handling problems and taking action, needs a great deal of memory, and that's fantastic news for Micron and its peers.

Demand has been so high in recent quarters that it's helped create a memory shortage -- so memory companies have struggled to fulfill orders and have taken steps to increase production.

All of this supports the idea of stock price growth well into the future for Micron. Still, companies' efforts to increase supply could eventually push prices downward, weighing on Micron's future profitability. At the same time, any potential slowdown in spending on the AI infrastructure build-out also represents a risk.