After attending Micron Technology's inaugural Insight event that focused on artificial intelligence, JPMorgan analyst Harlan Sur reiterates an Overweight rating on the shares with a $75 price target.

The chipmaker closed yesterday down 66c to $41.61. Artificial intelligence is "truly at its early stages with a long runway for growth," Sur tells investors in a research note. He expects the demand for memory and storage to accelerate as AI workloads proliferate. Further, Micron itself is benefiting from the use of AI in its own factories which is helping improve yield ramps and increasing factory output, Sur contends.

The analyst believes investors are overlooking Micron's "strong demand drivers," such as AI, cloud and data center. Micron is the only memory company that has core building blocks of DRAM, NAND and 3D XPoint, says Sur.