On May 27, Direxion 2X Long MU ETF rose 5.41% overnight, trading at $782.43/share, with trading volume of approximately $4.148 million. As a 2x leveraged ETF tracking Micron Technology, the rally reflects continued momentum in the underlying stock.
The move was driven by UBS raising Micron's target price from $535 to $1,625, the highest on Wall Street, implying more than 100% upside from current levels and a potential market capitalization of $1.8 trillion. UBS cited structural changes in the memory industry, noting that enhanced long-term agreements with hyperscalers — covering approximately 60%-70% of Server DDR5 volumes — provide smoother earnings profiles and improved demand visibility. Micron's market cap touched $1 trillion for the first time as shares surged approximately 19% in regular trading, with total turnover reaching $65.9 billion. The Philadelphia Semiconductor Index rose over 4.7%, with broader storage chip names rallying in sympathy. Multiple banks have raised Micron targets, with HSBC previously lifting its price objective to $1,100 based on AI-driven memory demand and HBM capacity sold out through the calendar year.
(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)
