On May 26, Direxion Daily MU Bull 2X Shares (MUU) rose 8.35% in pre-market trading, trading at $579.88/share, with trading volume of approximately $8.99 million. The leveraged ETF tracked underlying strength in Micron Technology as multiple investment banks issued significant target price upgrades.

HSBC raised its target price on Micron Technology from $750 to $1100 on May 19, maintaining a Buy rating. Melius Research followed on May 20, also lifting its target to $1100 from $700 with a Buy rating. Deutsche Bank separately raised its target to $1000. The upgrades were primarily driven by Micron's exceptional Q6 earnings, which showed revenue of $23.86 billion (up 196% YoY), net income of $13.8 billion (up 771% YoY), and gross margins surging to 75%. Analysts cited a structural supply-demand gap in the memory industry, with HBM capacity fully sold out for the year under long-term agreements, and DRAM average selling prices projected to rise approximately 200% year-over-year. In addition, Bridgewater Associates increased its Micron position by 586,000 shares in Q1, signaling institutional confidence in the stock.

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