Micron Technology's stock soared 6.59% during intraday trading on Wednesday, marking a significant upward move for the memory-chip maker.

The surge follows a series of aggressive price target increases from major Wall Street firms, reflecting growing optimism about the company's prospects in the AI-driven memory market. Deutsche Bank raised its target to $1,500 from $1,000, Citigroup lifted its target to $1,200 from $840, and TD Cowen increased its target to $1,500 from $660, with all maintaining buy ratings. Analysts cited expectations that the memory-chip upcycle has significant runway ahead, supported by stronger DRAM pricing, robust generative AI demand, and limited industry supply growth.

The bullish sentiment is further fueled by the structural thesis that memory's role in the AI era has permanently raised the profitability ceiling for manufacturers, with AI memory components projected to account for over 70% of hardware system value by 2027. The movement also comes as part of a broader semiconductor sector rebound and ahead of Micron's scheduled fiscal third-quarter earnings report on June 24, where strong results are anticipated.