Direxion Daily MU Bull 2X Shares (MUU), a leveraged exchange-traded fund tracking Micron Technology Inc., surged 8.87% in pre-market trading on Thursday.

The sharp rise was driven by renewed institutional optimism for the memory sector. Bank of America reaffirmed its Buy rating on the underlying stock, Micron Technology, with a $1,550 price target, characterizing the sector's recent pullback as a healthy correction. Concurrently, industry analyst TrendForce projected server DRAM contract prices to increase by 13-18% quarter-over-quarter in the third quarter, citing a persistent supply-demand imbalance and a confirmed supply shortfall expected in 2027.

The rally reflects a broader stabilization in the memory chip sector, with signs of recovery in storage stocks and intense capital inflows into the theme. This was further evidenced by SK hynix's upcoming US ADR listing receiving over seven times subscription, signaling sustained investor demand for memory assets tied to the AI infrastructure boom. The ETF's 2x leverage amplified the positive move during the sector rebound.