Memory Stocks Exploded 1,000% on AI Demand. Here’s Why Silver and Copper Could Be the Next AI Winners

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Shares of Micron Technology (NASDAQ:MU) are climbing again Wednesday, with Micron stock up 4% in midday trading and changing hands near $1,060. Shares of the memory giant are up 781% over the past year, an extraordinary run powered by AI-era demand for high-bandwidth memory and DRAM.

Speaking of Micron and parabolic price-move possibilities, there’s a new investor thesis circulating in the financial media. On The Pomp Podcast, investor Jordi Visser argued that the same exponential-demand misread that propelled Micron stock is now forming in commodities. His framework, summarized in a June 17 post from Podcast Alpha, points investors toward silver, copper, and energy as the next under-the-radar AI plays.

Micron’s market cap now sits near $1.2 trillion, and RBC Capital recently set a $1,200 price target with a Buy rating. Yet, investors want to know what comes next after the memory boom, and Visser’s pitch frames the question in geological terms.

The AI Memory Boom That Caught Wall Street Flat-Footed

Micron’s fiscal Q2 2026 results, reported March 18, blew past prior estimates. Revenue hit $23.86 billion, up 196% year over year, and non-GAAP EPS came in at $12.20 against the $8.73 consensus. Operating income jumped 810%.

Furthermore, Micron’s GAAP gross margin expanded to 74% from 37% a year earlier, and the board approved a 30% dividend increase. CEO Sanjay Mehrotra declared, “In the AI era, memory has become a strategic asset for our customers.”

Micron’s forward guidance for fiscal Q3 2026 calls for revenue of $33.5 billion and gross margin near 81%. The company’s Cloud Memory revenue alone reached $7.75 billion last quarter. That trajectory is what Visser argues the market originally missed when Micron was a sub-$100 stock.

Silver, Copper, and Energy as AI’s Physical Layer

Visser’s argument, as relayed in the Podcast Alpha post, is that silver, copper, and energy form “the physical layer that AI cannot exist without.” Data centers require copper for wiring and power delivery, silver flows through electronics and solar components, and the buildout demands staggering amounts of electricity.

His core claim is that capital cannot move these commodities out of the ground faster than geology allows. Supply is constrained by mining timelines, permitting, and ore grades, not by the size of investor checkbooks. In his framing: “[W]hen demand is exponential and supply is geological, price will follow.”

He believes the setup is forming precisely because the broader market is not focused on it. There is “no narrative and no 52-week high” yet, and these are the same quiet conditions that preceded Micron stock’s parabolic move. Notably, Visser still considers Micron cheap, and the forward P/E ratio of 11x lends some weight to that view.

The Other Side of the Trade

Commodities are cyclical and historically volatile, and one investor’s thesis is not a guarantee. The “no narrative” condition Visser cites cuts both ways. It can persist for years, and silver and copper have disappointed bulls before despite recurring secular demand stories.

On the macro backdrop, WTI crude oil sits near $76 per barrel, still in the elevated zone but down from a 12-month high of $114.58 on April 7. In any case, energy is already moving. However, whether silver and copper follow on AI-specific demand, rather than general macro flows or dollar dynamics, remains an open question.

What to Watch Next

Micron reports its fiscal Q3 2026 results next, and management has telegraphed “significant records again” across revenue, gross margin, EPS, and free cash flow. That report could either validate Visser’s exponential-demand framework or trigger profit-taking in a stock that has already run hard.

Investors can watch how copper and silver futures respond if AI infrastructure capex guidance keeps climbing across hyperscaler earnings this summer. They could also keep an eye on mining stocks such as Freeport-McMoRan (NYSE:FCX) and Southern Copper Corp. (NYSE:SCCO). Visser’s thesis is provocative, but it remains an opinion, not a confirmed catalyst.

Investors should consider keeping their position sizes modest given the volatility on display in Micron shares. Meanwhile, the speculative, early-stage nature of the commodity extension argument warrants similar caution.

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