Micron surges on Wednesday, day after becoming newest $1 trillion stock
Finance Micron surges on Wednesday, day after becoming newest $1 trillion stock Micron (MU) isnt taking the day off on Wednesday after becoming the newest US company to attain a $1 trillion market capitalization. Micron stock spiked another 9% in premarket trading on Wednesday, raising its market valuation to $1.1 trillion after ending Fridays session close to $800 billion. Memory chip stocks are on fire as the wider market realizes that the memory chip shortages could become the new normal. NAND maker Sandisk (SNDK) has also added 4% on Wednesday, reaching a new all-time high. Micron stock rallied 19% on Tuesday after analyst Timothy Arcuri raised his price target to $1,625 from $535. At that valuation, Micron would be worth close to $1.8 trillion. The broad market is also in rally mode midweek as US Treasury yields decline and Oil (WTI) pulls back more than 5% on further headlines that Iran and the US are on the brink of a peace deal that would reopen the Strait of Hormuz despite the US military briefly attacking Iranian naval vessels and missile launch sites on Tuesday. Microns historic rally continues Arcuri argued in his note to clients earlier this week that Microns turn toward multi-year supply agreements would keep earnings