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Micron hits $1 trillion market cap for the first time as stock surges 19%
Micron topped a $1 trillion market value for the first time on Tuesday as shares popped 19%, driven by insatiable artificial intelligence demand for its memory chips.
The stock surge came as UBS tripled its price target on the stock from $535 to $1,625 a share, citing long-term agreement opportunities with partially fixed pricing.
"We believe the market will start to put a more 'normal' multiple on the stock and MU will continue to re-rate higher as more details emerge about the structural changes AI has driven to the entire memory complex," the firm wrote.
The new price target suggests shares could more than double from Friday's close.
Micron joins $US1trn club as AI race powers memory chip boom
Micron Technology briefly topped $US1 trillion ($1.4 trillion) in market value for the first time on Tuesday, crowning a dizzying rally that has cemented America’s largest memory chipmaker as one of the standout winners of the AI boom.
Micron’s shares were last up 17.4 per cent at $US881.6 after rising as much as 19.3 per cent earlier in the session, with Tuesday’s boost coming after brokerage UBS increased its price target on the stock to $US1625 from $US535 – the highest among the 46 brokerages covering the company, according to LSEG data.
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