The Direxion Daily MU Bull 2X Shares (MUU) surged 6.44% during intraday trading on Thursday, extending its recent gains.

The leveraged ETF's rally was primarily driven by a wave of bullish analyst upgrades on its underlying holding, Micron Technology. Citi nearly doubled its price target for Micron from $425 to $840, maintaining a Buy rating, citing expectations that DRAM average selling prices will surge approximately 200% year-over-year in 2026 as AI demand pushes the memory industry into a historic super cycle. HSBC simultaneously raised its Micron target from $750 to $1,100.

Further supporting the bullish sentiment, supply constraints in the memory market are intensifying. Samsung Electronics workers confirmed a strike action, which is expected to tighten industry supply. Analysts noted that competitors SK Hynix and Micron cannot quickly fill Samsung's capacity gap, potentially worsening the supply-demand imbalance in both HBM and conventional DRAM markets through 2027.