Direxion Daily MU Bull 2X Shares surged 5.10% in the after-hours session, recovering from a decline during Wednesday's regular trading. The leveraged exchange-traded fund, which aims to deliver twice the daily return of Micron Technology stock, experienced notable volatility.

The after-hours rally appears to be driven by positive analyst commentary on the fund's underlying asset, Micron Technology. Bank of America released a forecast projecting that the High Bandwidth Memory (HBM) market size will expand sevenfold to reach $246 billion by 2030, which is expected to drive upgrades in the semiconductor industry. Concurrently, the bank raised its price target for Micron to $155.

This positive outlook contrasts with the regular trading session, where the ETF declined as Micron Technology saw profit-taking after significant gains in the prior session. The broader semiconductor sector weakness and the fund's 2x leverage characteristic amplified that pullback, setting the stage for the after-hours recovery on the back of the bullish analyst report.