The GraniteShares 2x Long MU Daily ETF (MULL), which provides two times the daily return of Micron Technology Inc., soared 10.03% intraday, mirroring a powerful rally in its underlying asset. The leveraged exchange-traded fund's significant move was driven by a substantial advance in Micron's share price during the trading session.
The surge in Micron, and consequently the MULL ETF, was primarily fueled by a major analyst upgrade from UBS. The investment bank raised its price target on Micron Technology to $1,625, the highest on Wall Street, citing a transformative shift in the memory industry driven by enhanced long-term agreements (LTAs). UBS analysts argued that these agreements, which lock in volume and partially fix prices with hyperscale cloud providers, are smoothing Micron's earnings profile and enabling a valuation re-rating from a cyclical stock to a growth stock.
Concurrently, Micron's stock price surge propelled its market capitalization above the $1 trillion mark for the first time, underscoring its central role in the AI infrastructure build-out. The broader semiconductor sector experienced strong gains intraday, further amplifying the move in the leveraged ETF. The combination of a landmark analyst call, a key valuation milestone, and sustained optimism around AI-driven memory demand created the perfect conditions for the sharp upward move in MULL.
