Micron shares hit fresh record highs after outgoing Apple CEO Tim Cook signaled higher iPhone prices, underscoring robust demand for premium memory chips and reinforcing the ongoing boom in the memory sector.
This surge marks Micron’s 34th record close of the year, as investors bet on sustained strength in AI-driven and consumer electronics memory sales.
Futures tracking the S&P 500 were 0.8% higher after President Donald Trump signed a memorandum of understanding to end the Iran war.
The gains put the stock on track to surpass the all-time closing high of $1,087.99 it hit on Monday.The artificial-intelligence craze has driven up demand for memory in data centers, which has led to investors rethinking the low forward price-to-earnings ratio that Micron shares normally fetch.
Barron’s argued earlier this month that the stock remains undervalued, because the company’s hardware is crucial for AI servers.
MacDailyNews Note: Micron stock was up 267% for the year through Wednesday’s close.
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