On May 26, Direxion Daily MU Bull 2X Shares rose 20.41% in regular trading, trading at $679.23/share, with trading volume of approximately $885 million. As a 2x leveraged ETF tracking Micron Technology, the surge was driven by a confluence of bullish catalysts on the underlying stock.

UBS analyst Timothy Arcuri raised Micron's target price from $535 to $1,625, the highest on Wall Street, implying a market capitalization of $1.8 trillion. The thesis centers on structural changes in memory pricing, particularly the emergence of long-term agreements with partially fixed pricing that could smooth earnings volatility and drive a re-rating from cyclical to growth multiples. Separately, Micron CEO Sanjay Mehrotra warned that memory shortages driven by surging AI demand will persist beyond 2026, with new capacity investments not expected to deliver relief until 2028 due to talent and infrastructure constraints. Citi also raised its target to $840, citing a DRAM super-cycle with HBM supply tightness squeezing conventional DRAM capacity and driving 40% price increases in Q2 2026.

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