Micron Technology's stock rose 3% in overnight trading, as traders closely watch the shares aim to reclaim the $1,000 mark amid a series of positive catalysts.

Like other memory chip stocks that have surged, Micron's shares hit an all-time high in June before retreating, falling below $1,000 on July 2. Since then, the stock has traded in a relatively narrow range but has seen a strong rebound this month.

MU shares rose 10.7% over the past week to $971.66, marking their largest one-week gain in more than two months and extending a winning streak for a second consecutive week.

Retail investors speculate that a rally in South Korean stocks will support Micron's share price. The KOSPI index has been rising steadily last week, with its heavy weighting from chipmakers Samsung Electronics and SK Hynix, and it has recently influenced trading in U.S. memory stocks.

Apple Catalyst Boosts Memory Trade

Negotiations between Apple and the U.S. government over its memory chip procurement are another issue traders are watching.

U.S. Commerce Secretary Howard Lutnick said over the weekend that the U.S. government does not want Apple to source memory chips from Chinese manufacturers. This follows reports that Apple has sought approval to buy chips from China's ChangXin Memory Technologies (CXMT) and has already been testing them.

The relentless demand from AI data centers has led to memory chip shortages and price spikes, forcing Apple and other consumer electronics makers to raise prices, prompting Apple to turn to Chinese suppliers to ease supply constraints.

Views on MU

On Stocktwits, retail sentiment on MU has declined over the past week, turning "bearish" as of late Sunday.

One trader said: "$MU is up , and it's about to break through $1,000." Meanwhile, government pressure on Apple to abandon Chinese-made memory chips has significantly boosted bullish sentiment and supply chain confidence.

Another trader wrote: "$MU, the Apple news I most want to hear on August 21 is that Apple has chosen MU as its sole chip supplier. If that's true, MU's stock will surpass $1,100."

The U.S. Senate has set August 21 as the deadline for Apple to respond to bipartisan senators' requests regarding Chinese memory suppliers, particularly CXMT.

The senators want Apple to clarify whether it will exclude CXMT and other Pentagon-designated Chinese memory companies from its products and disclose details of its supplier testing.

Still, the market remains skeptical about Micron's move. "$MU may test $1,000 in pre-market, but don't be surprised if it plunges as usual after the open," one trader remarked.