The Direxion Daily MU Bull 2X Shares (MUU), a leveraged exchange-traded fund tracking Micron Technology, soared 7.59% in pre-market trading on Monday.

The sharp rise is primarily attributed to its underlying stock, Micron Technology, announcing a major $9.3 billion expansion of its advanced memory chip manufacturing facility in Hiroshima, Japan. The project, which has officially broken ground, is specifically aimed at producing High Bandwidth Memory (HBM), a critical component for powering AI processors. Shipments from the new facility are expected to begin in the second half of 2028, bolstering market confidence in Micron's long-term growth prospects in the AI memory sector.

Industry analysts view the move as a significant capacity expansion that counters recent bearish sentiment, including concerns over future oversupply. The announcement, supported by substantial Japanese government subsidies, has driven strong buying momentum in the leveraged ETF, which also benefited from a technical rebound as the stock had retreated from recent highs.