Rambus (RMBS) stock surged 5.05% during intraday trading on Thursday, marking a significant upward movement for the semiconductor company.

The rally appears to be driven by a broad upswing in the storage and chip sector. This sector-wide optimism was sparked by positive commentary from Micron Technology at the JPM conference, where the company expressed a strengthened financial outlook and projected that tight supply conditions for HBM, DRAM, and NAND memory chips would persist.

This bullish sentiment from a key industry player lifted related stocks, with several chip and storage companies posting notable gains during the session. For Rambus, which had faced recent pressure from insider selling and sector weakness, the positive sector momentum facilitated a sharp recovery from its recent lows.