New York, May 27, 2026, 08:13 (EDT)
Micron Technology shares looked ready to build on gains before the U.S. open Wednesday, after the memory-chip company passed $1 trillion in market value Tuesday for the first time. The AI trade was still bringing buyers to firms making data center hardware. Micron was up 5.8% premarket, Reuters said, and Nasdaq 100 futures added 0.48%.
Micron crossed $1 trillion for the first time Tuesday after UBS boosted its target on the stock to $1,625 from $535, the highest call from any of the 46 brokerages tracked by LSEG. Investors are spreading out the AI trade beyond Nvidia’s processors to memory chips, which handle the data those processors work with.
Cash trading was still closed in New York. Nasdaq’s normal hours are 9:30 a.m. to 4:00 p.m. ET, with premarket starting at 4:00 a.m. and ending at 9:30 a.m. The 2026 holiday calendar lists Memorial Day—when U.S. markets were shut—as Monday, not Wednesday.
Micron (MU) finished Tuesday at $895.88, its highest ever, with a 19.3% jump after hitting $916.76 earlier in the session, according to Investor’s Business Daily. The most recent market feed pegged its value near $1.02 trillion.
UBS triggered the biggest jump in the rally. Investing.com quoted UBS analyst Timothy Arcuri, who said he saw “no reason why MU should trade” much differently from Nvidia on a price-to-earnings basis. P/E compares share price and profits. The same article reported that hyperscalers—big cloud companies—had locked in around 60% to 70% of DDR5 server memory supplies on long-term deals. Investing.com
Mizuho’s Vijay Rakesh stuck with his Outperform on the stock and backed his $800 price target. He said he still doesn’t see “a clear line of sight” on when supply and demand will balance, noting DRAM and NAND both matter for AI. DRAM acts as working memory for servers and computers, and NAND holds data when the power is off. Investing.com
HBM, or high-bandwidth memory, is key here. This stacked memory tech sits next to AI chips to move huge chunks of data fast. Reuters reported Micron’s full 2026 HBM lineup is already sold, with HBM4 units now being made. “Micron sits at the center of it,” B. Riley Wealth’s Art Hogan said. Reuters
Micron’s most recent results offer bulls something to lean on. The company logged fiscal Q2 revenue at $23.86 billion, with non-GAAP earnings of $12.20 per share. It projected Q3 revenue of $33.5 billion, give or take $750 million. CEO Sanjay Mehrotra said memory is now “a strategic asset” for its customers. Micron Technology
SK Hynix hit a $1 trillion market cap Wednesday, Reuters said, putting it with Samsung Electronics and Micron. Memory chip prices doubled in the first quarter and forecasters see up to a 63% jump this quarter. Mirae Asset analyst Kim Young-gun said supply won’t catch demand “by 2028.” Reuters
The risk is this is still a memory market. It’s seen sharp swings before. If cloud buyers cut spending, if long-term deals aren’t as solid as they look, or if Samsung and SK Hynix move faster to add new supply, the supply shortage behind Micron’s valuation could flip. Micron said its outlook for demand, customers and results comes with risks that might lead to much different numbers.
Scarcity is what the tape cares about right now. Micron faces its next hurdle to see if the premarket gains on Wednesday last into regular trading. Broader index futures point higher, and traders are still pushing the AI memory trade off of Tuesday’s record close.
