Jim Cramer's Unwavering Bull Case for Micron: A Deep Dive

You know Jim Cramer; he's never one to shy away from a strong opinion, especially when it comes to market calls. And lately, his conviction around memory-chip giant Micron Technology (MU) has been absolutely unwavering. Just recently, on October 1, 2026, the 'Mad Money' host didn't just recommend buying the dip in Micron; he practically pounded the table on it. For Cramer, this isn't just another trade; it's a belief in a fundamentally transformed company.

This bullish fervor comes amidst some notable contrarian views, most famously from Michael Burry – yes, that Michael Burry of 'The Big Short' fame. He revealed put options against Micron, expiring next June, a move that clearly signals a bearish outlook on the chipmaker's future. But Cramer? He's having none of it. In fact, he doubled down on October 2nd, delivering a rather blunt warning: shorting Micron, particularly ahead of its December buyback plans, is akin to 'digging your own grave.' A rather strong statement, wouldn't you agree?

So, what's driving this seemingly unshakeable confidence? Cramer firmly believes that Micron's infamous boom-and-bust cycle, which has historically plagued memory-chip companies, is finally a thing of the past. He points to a significant shift in the industry: an increase in long-term DRAM contracts, moving from a mere 16 to a more substantial 26. This, in his view, provides a stability and predictability that simply wasn't there before, essentially de-risking the business model.

And the numbers certainly seem to back up the story. Micron just reported stellar Q4 results for fiscal 2026, boasting a remarkable $54.23 billion in revenue and an impressive $33.42 per share in earnings. These figures, mind you, absolutely blew past what analysts had been expecting. Cramer isn't alone in his optimism, either. Figures like Steve Grasso from 'Fast Money' and Ross Gerber of Gerber Kawasaki have also voiced bullish sentiments. Even JR Romero of T3 Live went so far as to publish a piece with an eye-popping, albeit somewhat unexplained, price target for Micron: a staggering $1,434! A rather stunning figure, if you ask me, even if the reasoning behind it isn't fully detailed.

Perhaps the most compelling piece of Cramer's argument centers on Micron's massive capital return plans. The company, currently sitting on a hefty $68.3 billion in net cash, has committed to returning a full 100% of its excess cash to shareholders over time, primarily through significant buybacks. And the kicker? These substantial buybacks are slated to kick off on December 9, 2026. Considering they already managed to buy back $650 million in fiscal 2026, this upcoming phase could be truly transformative for shareholder value.

Looking at Micron's stock performance, it’s hard to ignore the impressive trajectory. It’s surged over 1,410% in the last five years and approximately 485% just in the past 12 months, as of early October 2026. This isn't just growth; it's explosive growth. So, while the likes of Michael Burry might be betting against it, Jim Cramer remains steadfast, convinced that Micron has truly turned a corner. For investors, the question now becomes: Do you heed Cramer's fervent call to 'buy the dip,' or do you side with the more cautious, contrarian view? It's certainly a compelling debate playing out in real-time.