On May 27, Micron Technology rose 4.87% in regular trading, trading at $920.7/share, with trading volume of $14.562 billion. The stock extended its momentum after surging over 19% in the prior session when its market capitalization first crossed the $1 trillion threshold.

The rally continues to be fueled by UBS raising Micron's target price from $535 to $1,625 — the highest on Wall Street — projecting a potential market cap of $1.8 trillion. The core thesis centers not on HBM alone, but on a structural shift in the memory industry: hyperscalers are now signing enhanced long-term agreements (LTAs) with fixed volume commitments and partially fixed pricing frameworks, securing approximately 60%-70% of industry Server DDR5 volumes. UBS argues these LTAs will smooth Micron's earnings profile, improve cross-cycle returns on invested capital, and warrant a re-rating from cyclical to growth-stock valuation. Analysts expect memory supply shortages to persist through 2027, granting producers rare pricing power against the largest technology companies.

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