Micron Stock Surges Over 18% in Trading, Market Value Breaks $1 Trillion for the First Time

Micron Technology's share price rose more than 18% during Tuesday's trading session, reaching a new historical intraday high of $891.27, with a market capitalization of $1 trillion. So far this year, Micron Technology's cumulative increase has reached 210%.

In its research report on May 26, UBS Group significantly increased its target price for Micron Technology from $535 to $1625, and maintained a "buy" rating. This target price corresponds to a market value of about $1.8 trillion. UBS analyst Timothy Arcuri stated in the report:

“We believe that as the signs of AI driving structural changes in the storage sector become increasingly apparent, the market will gradually assign more ‘normal’ valuation multiples to this stock, and Micron’s valuation is expected to continue to be revised upwards.”