On June 17, GraniteShares 2x Long MU ETF rose 8.08% overnight, trading at $835.35/share, with turnover of $7.88 million. The leveraged ETF tracked a historic rally in its underlying stock Micron Technology, which surged 10.84% following blowout fiscal Q2 results and unprecedented Q3 guidance.

Micron reported FY26 Q2 revenue of $23.86 billion, up 196% year-over-year, with non-GAAP gross margin of 75% and free cash flow of $6.9 billion. The single quarter exceeded Micron's entire FY2024 annual revenue. More critically, Q3 guidance of $33.5 billion in revenue far surpassed the Wall Street consensus of $24.29 billion, with projected gross margin of 81%, making it potentially the most profitable quarter in memory industry history. Management confirmed all HBM capacity for the year is sold out under fixed-price long-term agreements.

Multiple investment banks issued aggressive upgrades: TD Cowen raised its target from $660 to $1,500, Aletheia Capital set a $1,600 target projecting 15x EPS growth through FY2028, and Daiwa Securities lifted its target from $700 to $1,600. Micron's position as the sole U.S.-based HBM supplier provides a geopolitical moat amid over $500 billion in hyperscale data center capital expenditure commitments.

(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.)