The Direxion Daily MU Bull 2X Shares (MUU) surged 7.06% in pre-market trading. MUU is an exchange-traded fund designed to deliver twice the daily return of Micron Technology Inc. (MU), meaning its price movement is directly amplified by the performance of the underlying semiconductor stock.

The sharp rise follows positive developments for Micron, including the company's confirmation that it has commenced mass production and shipment of next-generation HBM4 memory chips. At an industry conference, Micron's Chief Financial Officer expressed confidence in the company's competitiveness in the high-bandwidth memory segment, alleviating previous market concerns about lagging behind rivals.

Additionally, Wall Street analysts have raised their outlook on Micron. Morgan Stanley significantly increased its price target for the company from $350 to $450, maintaining an Overweight rating, citing persistent supply shortages and strong demand expected to drive further price increases through 2026. The combination of technological execution and favorable industry fundamentals has driven a broad rally in memory chip stocks, with gains in Micron's share price being magnified for holders of the leveraged MUU ETF.