Wall Street May Not Be Ready for What’s Coming Next for NVIDIA, Micron, and SanDisk
Quick Read
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NVIDIA and Micron trade at steep discounts to the S&P 500’s multiple, making bold 2027 price targets of $350 and $1,750 achievable at below-market valuations.
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SanDisk needs just 12x earnings to hit $2,500, with over half of 2027 output under multi-year agreements and a $15.5 billion buyback supporting shares.
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Jensen Huang confirmed demand far exceeds NVIDIA’s supply, with top hyperscaler capex expected to reach $1.3 trillion by 2027.
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AI runs on a simple chain. Computing power needs memory, and memory needs storage. That chain explains 2026 for chip stocks.
Micron Technology (NASDAQ:MU) is up 255.25% year-to-date. SanDisk (NASDAQ:SNDK) has gained 585.46%, and NVIDIA (NASDAQ:NVDA) has added 27.67%.
NVIDIA CEO Jensen Huang said in August that “AI is generating profitable tokens” and that his company could sell more “if we had more compute.” Below I lay out how each stock could hit a round-number target in 2027.
Wall Street Already Sees Big Upside, and Estimates Keep Rising
Consensus targets already mean 38%, 52%, and 34% upside, respectively. All three companies have active beat streaks.
NVIDIA’s Road to $350 Runs Through Vera Rubin
NVIDIA trades at 15x fiscal 2028 EPS estimates of $15.6951. At $350, that multiple rises to 22x, right in line with the S&P 500’s 21-23x, for a company guiding to about 70% revenue growth. That EPS estimate was at $12.7102 90 days ago. NVIDIA posted its fifth consecutive beat in August, with EPS of $2.22 against a $2.09 consensus.
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Vera Rubin has purchase orders from “every major hyperscaler, AI cloud, and system OEM.”
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Top-five hyperscaler capex is expected to reach $1.3 trillion in 2027.
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Supply caps the guidance. “Our demand is much higher than that,” Huang said.
Micron Trades at 6x Earnings With HBM Largely Sold Out
Micron trades at 6x fiscal 2027 EPS estimates of $176.6868, which have increased from $150.0075 over 90 days. At $1,750, the multiple would be just 10x. Micron’s Q4 EPS of $33.42 exceeded the $31.35 estimate, its eighth consecutive beat.
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Most 2027 HBM volume is sold out at prices “much higher than 2026 prices.”
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More than 75% of 2027 output is committed under strategic customer agreements.
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Micron is building the first custom HBM4E with NVIDIA for its next-generation GPUs.
SanDisk Needs Only 12x Earnings to Reach $2,500
SanDisk trades at 8x fiscal 2027 EPS estimates of $213.9030, up from $193.7201 90 days ago. At $2,500, it would trade at 12x, still well below the market. Q4 EPS of $39.25 beat the $33.28 estimate, its fifth consecutive beat.
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Management expects the NAND market to approach $500 billion in calendar 2027.
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Multi-year agreements cover more than 50% of fiscal 2027 bits.
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A $15.5B buyback program supports a debt-free balance sheet.
Recent History Shows These Gains Are Achievable
NVIDIA has returned 1,032.06% over five years. Micron has gained 431.17% in 12 months, and SanDisk has rose 1,242.87%.
Repeating moves that large gets harder at today’s market caps, but the gains needed here are far smaller (we reverse-engineered what the biggest tech winners looked like early on in a free playbook).
My Take on $350, $1,750, and $2,500
Memory pricing is cyclical, NVIDIA’s outlook excludes China data center compute, and a Micron union in Taiwan just won approval to strike.
Still, increased estimates, beat streaks, and sold-out supply give all three a credible path. Investors shouldn’t count on returns like this every year, but this is how NVIDIA, Micron, and SanDisk could deliver outsized gains in 2027.
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