On June 11, GraniteShares 2x Long MU Daily ETF rose 9.34% in pre-market trading, trading at $657.61/share, with trading volume of $2.3076 million. The leveraged ETF's sharp gain reflects a strong rebound in underlying stock Micron Technology.

On the news front, Micron announced the selection of Bechtel as its engineering, procurement, and construction partner for the first phase of its memory manufacturing complex in Clay, New York. Micron targets the facility to become the largest semiconductor manufacturing site in the US, with plans to invest up to $100 billion over the next 20-plus years and a first-phase investment of $20 billion by the end of the decade.

The move also follows a wave of analyst upgrades: Goldman Sachs raised its 12-month target from $400 to $900, Cantor Fitzgerald lifted its target to $1,500, Daiwa Securities set a $1,600 target, and UBS issued a $1,625 price target — all citing tightening DRAM supply conditions and surging HBM demand expected to persist through 2027.

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