Oracle and Micron Technology are attracting attention as AI-related stocks for September. Oracle’s order backlog is driving its share price, while Micron is seen as gaining pricing power amid tight HBM supply.
Although caution toward the broader market remains strong in September, an analysis has highlighted the possibility of sharp share price movements depending on the news accompanying earnings announcements from AI-related companies.
In particular, it points to specific contracts and supply conditions reported by major AI stocks as factors that could influence share prices.
In September 2025, Oracle announced that its order backlog, or RPO, had risen 359% year on year to $455 billion. Although its earnings fell short of market expectations, the share price rose as much as 35.95% in a single day. The increase in the order backlog was said to have driven the share price higher, as investors interpreted it as a source of future revenue.
For Micron Technology, tight supply of high-bandwidth memory, particularly HBM, is increasing its pricing power, and the share price rose by more than 56% in the fourth quarter of 2025 alone. The company has recorded a high rate of increase over the year as a whole, and its earnings announcement for the fiscal year ending September 2026 could once again become a focus for the share price.
The rise in both stocks was not driven solely by their association with AI. The analysis emphasized that specific catalysts affected their share prices. It indicated that earnings, order backlogs and supply conditions are likely to remain important signals going forward.