Micron joins $1-trillion club as AI race powers memory chip boom
Micron Technology has briefly surpassed a market value of $1 trillion, marking a significant milestone for the U.S. memory chipmaker amid the AI boom. The surge in Micron's stock price follows an upgrade from UBS, which raised its price target significantly. This development highlights the increasing demand for memory chips essential for AI infrastructure and data centers.
- ▪Micron's shares rose 17.4 percent to $881.6, following a peak increase of 19.3 percent during the trading session.
- ▪UBS increased its price target for Micron from $535 to $1,625, the highest among 46 brokerages covering the company.
- ▪Micron's ascent reflects a broader shift in the AI trade as investors seek companies benefiting from Big Tech's spending plans.
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ShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountMicron Technology (MU-Q) briefly topped US$1 trillion in market value for the first time on Tuesday, crowning a dizzying rally that has cemented the U.S.’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 US$881.6 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 US$1,625 from US$535 - the highest among the 46 brokerages covering the company, according to LSEG data.
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