Micron Moves Higher With Traders Focused on AI Memory, Earnings Ahead
Micron Technology shares jumped Monday, trading at $1,081.27 in recent action, up $99.66 from the prior close. The stock touched a low of $1,033.46 and a high of $1,097.35. Market cap crossed $1.2 trillion. Chip and memory stocks climbed sharply. The Philadelphia Semiconductor Index rose more than 4% to a fresh high. Memory and data-storage stocks led the advance. Micron shares surged as traders looked for bigger profits. The stock often rises on sales strength or better margins, and this time the move came after a string of price target hikes on AI bets. TD Cowen took its target to $1,500 from $660. RBC upped its target to $1,200 from $525. Both cited stable DRAM demand for servers and PCs, with more high-bandwidth memory heading into AI markets.