Micron Technology shares extended a sharp rebound on Monday, rising about 3.5% in premarket trading to $1,005.65 after closing at $971.66 on Aug. 14. The premarket advance extended a four-session winning streak. The move follows a 10.7% weekly gain, the stock’s strongest weekly performance in more than two months, and represents a nearly 32% recovery from its July 29 closing low of $739. South Korea’s KOSPI also rose 2.4% on Monday, adding to the supportive tone for memory-related names.
The latest catalyst came from Washington. Commerce Secretary Howard Lutnick told The Wall Street Journal that the Trump administration is actively discouraging American companies from sourcing memory chips from China, saying: “It’s not great American companies using Chinese memory.” The administration also contacted Apple regarding early-stage talks with China’s ChangXin Memory Technologies, known as CXMT. Apple had reportedly been evaluating CXMT components for some devices sold in China. CXMT has captured about 7% of global DRAM market revenue in Q2, according to Counterpoint Research, but U.S. rules require licenses before American companies share product information with the firm.
Wall Street analysts raised targets on the stock. New Street Research upgraded Micron to Buy with a $1,250 price target, while UBS set a $1,625 target, citing expectations for strong future earnings. KeyBanc sees DRAM prices rising 15% to 20% in Q3 and another 15% in Q4, with NAND prices potentially climbing 30% to 40% in Q3. Micron also recently launched a $250 million fund aimed at AI startups. The broader Wall Street consensus remains a Strong Buy, with an average price target of $1,569.07, implying more than 61% upside from current levels.
SK Hynix’s U.S.-listed shares also rose about 4.2% in early trading. Micron’s 52-week range is $113.46 to $1,255.00, and with the stock back near $1,000, speculation about a possible stock split has emerged, though observers consider a 2026 split unlikely at this late stage of the year.
