NEW YORK, June 22, 2026, 19:03 (EDT)
Micron Technology shares ended Monday at a record high. The chipmaker posted news of a supply and investment deal with Anthropic, fueling a rally that’s been driven by artificial-intelligence data center demand.
Micron traded at $1,211.38 in recent action, rising $78.29, or 6.9%. Shares earlier hit $1,245.67. That gives the Boise, Idaho company a roughly $1.38 trillion market cap.
The gain came as tech stocks dropped. The Nasdaq Composite lost 1.32% Monday. Reuters said Micron’s Wednesday numbers would be another sign for the AI rally. Bill Northey, senior investment director at U.S. Bank, called tech “a very sentiment-driven sector” but said the best fundamentals are tied to AI data centers and the parts that go into them. Reuters
Micron said its deal with Anthropic includes AI memory and storage design, supply arrangements, use of Claude at Micron, plus a strategic investment as part of Anthropic’s Series H. Micron chief business officer Sumit Sadana said AI had “permanently elevated” the importance of memory and storage. Anthropic co-founder Tom Brown called those components “central” for training and running Claude. Micron Technology
The move in the stock shows investors are changing how they price memory. High-bandwidth memory, or HBM, is stacked near AI chips to speed up data and cut power. DRAM, the main working memory for servers and devices, and SSDs, used for storage, are both counted in the AI infrastructure spend.
SK Hynix is now South Korea’s top-listed name, Reuters said Monday, edging past Samsung Electronics on market value after making gains in HBM chips. SK Hynix had 61% of the global HBM chip market by 2025, with Micron at 21% and Samsung trailing at 17%, according to Reuters.
Micron is set to release fiscal third-quarter numbers on Wednesday. The company’s March outlook was revenue of $33.5 billion, give or take $750 million, with non-GAAP earnings at $19.15 per share, plus or minus 40 cents, and gross margin near 81%. Non-GAAP strips out some costs; gross margin is what’s left from revenue after production expenses.
The bar is higher now. Analysts polled by Visible Alpha see fiscal third-quarter revenue at $36.15 billion and adjusted earnings at $20.95 a share, Investopedia said Monday. Morgan Stanley analysts say expectations keep climbing, with the worldwide shortage of memory parts still going.
Target hikes followed the move. Needham’s Quinn Bolton came in at $1,550, Stifel’s Brian Chin posted $1,500, and Bernstein’s Mark Li set $1,300, all released June 22, all flagged as Buy or reiterate, according to StockAnalysis data. These price targets are forecasts, not guarantees.
Chips climbed again. The PHLX Semiconductor Index finished up 2.04% at 14,634.72, tracking a 106.61% gain this year, MarketWatch said.
But the setup swings both ways. Susquehanna’s Mehdi Hosseini told MarketWatch that Wall Street is watching if Micron can keep gross margins above 80%. But he called operating margins in the 70%-75% range “the more important issue.” Operating margin here means profit from operations as a share of revenue. If AI customers slow orders, HBM supply ramps faster than people expect, or DRAM prices drop, Monday’s record gives Micron less room for mistakes. MarketWatch
Investors are looking at Micron as part of the AI supply chain, not just a cyclical memory chip maker. The company reports Wednesday, and the results will test if the stock’s move fits the earnings.
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