Micron’s AI-Driven Rally Defies Gravity as Analyst Targets $1,625

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2026-06-02 18:24:02

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Micron Technology (MU) shares surged 6.56% to $1,034.74 on June 2, 2026, extending a rally that has seen the stock appreciate tenfold from its 52-week low of $94.40. The $1.17 trillion chipmaker now trades at a P/E of 48.85, fueled by UBS analyst Timothy Arcuri's revised price target of $1,625—the Street's highest.

Behind the move: an insatiable AI memory demand wave reshaping semiconductor valuations. Arcuri's call implies 116% upside potential, which would push Micron's market cap to $1.8 trillion. LSEG data shows 43 of 46 analysts now rate MU a buy.

The Nasdaq-listed stock hit an intraday peak of $1,046.97 as institutional investors reprice memory stocks amid the AI infrastructure buildout. This follows Micron's strategic pivot to high-bandwidth memory (HBM) for generative AI workloads.

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