Don’t Be Surprised If Nvidia, Micron, And Sandisk Outperform The Market Again

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NVIDIA (NASDAQ:NVDA), Micron Technology (NASDAQ:MU), and SanDisk (NASDAQ:SNDK) have led the chip rally in 2026. NVIDIA is up 14.71% year to date, Micron has gained 205.02%, and SanDisk has rallied 437.47%.

All three sell the compute, memory, and storage that AI factories use, and NVIDIA’s CFO says “we are experiencing extreme pricing conditions in memory.” Each stock has a data-backed case for a higher target in 2027.

Analysts Keep Chasing These Numbers Higher

NVIDIA’s fiscal 2028 EPS estimate is $15.9146, up from $12.7636 90 days ago. Micron’s fiscal 2027 estimate rose to $176.6868 from $150.0075. SanDisk’s fiscal 2028 figure climbed to $266.2971 from $248.4217.

Even those estimates may prove too low: NVIDIA has exceeded EPS forecasts 5 straight quarters, Micron 8, and SanDisk 5.

NVIDIA to $300 Still Leaves It Cheaper Than the Market

At $213.43, NVIDIA trades at 13x fiscal 2028 estimates. At $300 (a 41% gain), that rises to 19x, still under the S&P 500’s 21-23x. Management expects fiscal 2028 revenue to grow approximately 70% while supply limited. Jensen Huang said “the unconstrained number would be a lot higher.”

NVIDIA’s Path to $300

• Vera Rubin, which NVIDIA calls “the fastest product ramp in NVIDIA’s history”
• Top-five hyperscaler capex of $1.3 trillion in 2027
• Any China data center sales, which are excluded from guidance

History helps: shares rose 171% in 2024 and 239% in 2023.

Micron to $1,500 as Memory Shortages Persist

Micron trades at 5x fiscal 2027 estimates at $869.87. Hitting $1,500 requires a 72% gain, which works out to only 8x earnings. First-quarter guidance calls for $61.5B in revenue and $38.15 in EPS.

COO Manish Bhatia said Micron has “more than 75% of our shipments committed for the year” and “really [doesn’t] have line of sight to when supply and demand balance.” HBM pricing has been raised significantly for calendar year ’27.

The stock gained 330.52% over the past year, so it has moved this fast before.

SanDisk to $2,000 With Years of Locked-In Demand

SanDisk fell 27.78% over the past month, leaving it at 6x fiscal 2027 estimates. At $2,000 (a 57% gain), it would trade at just 9x. Its New Business Model agreements carry at least $93.9 billion in expected revenue, and management sees the NAND market approaching $500 billion in 2027.

CEO David Goeckeler said: “A year ago we were talking about visibility in this business of three months, and now we’re talking over four years of committed financials.” A $15.5B buyback authorization adds support.

Why These Targets Are Within Reach

Getting there would take gains of 41%, 72%, and 57%. Memory has always been cyclical, capex is rising, and a weak market would make the recovery harder. Still, all three trade below the market’s multiple even as estimates keep rising and their beat runs continue.

The same AI expansion driving these three is also raising the power, cooling, and networking suppliers behind the data centers, which we rounded up in a free report on seven non-chipmaker AI stocks. Returns at this level are rare, so the next earnings reports from NVIDIA, Micron, and SanDisk will show whether rising estimates keep these 2027 targets in play.

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