Siebert CIO Mark Malek Backs Micron (MU) Buy Call After $54.23 Billion Quarter

Malek Backs Micron After a 4.06% Session

Mark Malek, chief investment officer at Siebert Financial, called Micron Technology (MU) a buy on Wednesday, while rejecting the idea of owning the memory maker forever. His call landed on the session the stock did the heavy lifting for its whole sector: MU gained 4.06% to close at $1,088 and led the S&P 500's electronic technology group, while Advanced Micro Devices (AMD), Nvidia, Texas Instruments and Qualcomm all finished in the red. Micron has added roughly 280% since the start of 2026.

Malek framed the position as a trade with an expiry date rather than a permanent holding, and justified the entry with Micron's grip on a key layer of the AI buildout. “This is a company that will continue to outrun the avalanche,” he said. He also pointed to Nvidia's dependence on Micron's memory: “Everyone's favorite company, NVIDIA, mine included... is beholden to Micron. It's part of their chipset. So without a boring company like Micron, they can't sell a chipset.”

The fundamentals behind the call came from the company itself. In its fiscal fourth-quarter report, published September 30, Micron disclosed revenue of $54.23 billion, ahead of its own $50 billion guidance, with gross margin reaching 87%. Management guided fiscal first-quarter 2027 revenue to $61.5 billion and said it has already contracted the vast majority of its 2027 high-bandwidth memory (HBM) supply at higher prices. HBM sits beside AI processors: Micron produces HBM4 for Nvidia's Vera Rubin platform and is co-developing a custom HBM4E version with the chipmaker. Micron has also said it has no line of sight to when DRAM supply and demand rebalance, yet the stock trades at about six times expected fiscal 2027 earnings. Malek's argument leans on that scarcity: as long as AI accelerator demand outruns memory supply, the supplier keeps its pricing power.

The rally is already being tested. The stock last changed hands at $1,038.24, down 4.52% over the past 24 hours and inside a $1,034.86 to $1,095.33 range, according to COINOTAG data. The nearest marked support sits at $1,059.86, rated 67/100 on COINOTAG's composite scoring, and the session has already traded through it; the stronger floor underneath is $1,000.72, scored 83/100 where the SMA 50, the 0.618 Fibonacci and the Ichimoku Kijun converge. Momentum has cooled with the price: the daily RSI prints 53.0 and the MACD signal has flipped bearish on the daily timeframe, while open interest in Micron's stock perpetual contracts stands at $157.2 million.

The Capex Avalanche and the $1,516 Chart Target

Malek's endorsement carried a warning: a slowdown in AI capital expenditure would hit the entire sector, and in his view memory suppliers like Micron would struggle the most. That scenario has a recent precedent. Memory names slid into a bear market in July, with MU losing about 30% from its peak, and Temasek has separately flagged an unwind of the AI trade as the top risk facing markets. Micron is not pulling back on the buildout either: the company plans roughly $25 billion of capital expenditure in the first half of fiscal 2027, outlay that only pays off if data-center demand keeps absorbing memory at current prices.

The chart behind the call has been constructive since early September. MU broke out of a symmetrical triangle on September 3 and retested the breakout on September 14 near the 0.618 Fibonacci level at $894.58, a retest that held as support. The stock has since reclaimed the 0.786 Fibonacci area near $1,053, which previously acted as resistance, and on Wednesday it dipped to $1,011 intraday before closing at $1,088 near the session high as the broader market pulled back from record levels. Volume broke above a descending trendline on October 1, and the RSI stood near 60 and rising when Malek made the call. The first target on that roadmap is the all-time high at $1,255, about 15% above Wednesday's close, while the triangle's measured move points to $1,516 near the 1.272 Fibonacci extension at $1,511.63, implying roughly 39% upside. The caveat is a daily close below $1,040, which would void the reclaim and open the path to $1,000 and then $895; Thursday's session was trading below that line at the time of writing, leaving the reclaim on trial at the close.