On June 15, GraniteShares 2x Long MU ETF rose 11.18% in pre-market trading, trading at $844.32/share, with turnover of $2.91 million. The leveraged ETF tracks Micron Technology, which itself gained 14% the prior week amid a broad semiconductor rally.

The move follows a wave of aggressive analyst upgrades for Micron. Goldman Sachs raised its target price from $400 to $900, citing supply tightness expected to persist through fiscal 2027 and projecting Q3 revenue of $376 billion at 83.4% gross margin, roughly 9% above consensus. Cantor Fitzgerald lifted its target to $1,500, while Daiwa Securities raised to $1,600, both maintaining buy ratings. Morgan Stanley characterized the recent pullback in memory stocks as a healthy reset rather than a cycle top, noting AI inference and agent workloads are extending the upcycle by multiple quarters.

Micron reported FY26 Q2 revenue of $238.6 billion, up 196% year-over-year, with all HBM capacity for the year sold out under long-term agreements. As the sole US-based HBM supplier, Micron benefits from geopolitical supply barriers and structural AI-driven DRAM demand that analysts believe has disrupted the traditional memory boom-bust cycle.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)