If you mean roughly Micron up to US$1,000/share and SanDisk up to US$2,000/share, that would imply extraordinary gains from current levels and would require a very different earnings profile from today's industry.
Memory is in a strong cycle
The bullish case is based on:
AI servers driving unprecedented demand for HBM and DRAM
Memory supply remaining disciplined
NAND inventories largely normalised
Data centre spending still growing rapidly
Key beneficiaries include Micron Technology and SanDisk.
What would justify those prices?
For Micron:
A share price of US$1,000 would likely require earnings to be many times higher than current cycle peaks.
Even assuming a premium AI multiple, Micron would need to become one of the world's largest semiconductor profit generators, approaching the scale of NVIDIA.
For SanDisk:
US$2,000/share would depend heavily on NAND pricing, market share gains, and sustained AI storage demand.
NAND has historically been more cyclical and less profitable than HBM DRAM.
How much further can memory run?
Historically, memory stocks often:
Rise before earnings peak.
Continue higher while estimates are being revised upward.
Correct sharply when investors anticipate supply expansion.
The current cycle does not yet show clear signs of oversupply, which is constructive.
A practical framework
Instead of asking whether Micron can reach US$1,000 or SanDisk US$2,000, ask:
Are HBM contracts sold out for the next 1-2 years?
Are competitors adding capacity aggressively?
Are AI data centre investments still accelerating?
Are memory ASPs still rising?
As long as the answers remain positive, the cycle can continue.
My view:
Another 30% to 100% upside from current levels during a strong AI cycle is conceivable.
5x to 10x from here would require a structural transformation of the memory industry, not merely a normal memory upcycle.
If you are invested in memory stocks, the biggest risk is usually not that the story is wrong, but that the market starts pricing in the next downturn 6 to 12 months before it actually arrives. That is how memory cycles have historically ended.
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