Micron Technology (MU) shares surged 5.11% in early trading on Wednesday, as the memory chip maker rode a wave of bullish sentiment across the semiconductor sector.

The rally was primarily fueled by the company's raised fiscal fourth-quarter revenue guidance, citing stronger-than-expected pricing for high-bandwidth memory (HBM) used in AI data centers. This positive development was reinforced by Omdia's revised 2026 global semiconductor market forecast, which now projects 94.1% year-on-year revenue growth, driven by AI demand consistently exceeding global supply. As one of only three global manufacturers capable of mass-producing HBM, Micron stands to benefit directly from the sustained supply-demand imbalance.

Adding to the momentum, Mizuho reiterated its Outperform rating on Micron, calling the recent stock price weakness an attractive entry point. Broader sector sentiment was also lifted by reports that Singapore's Temasek planned to invest in South Korean memory rivals SK Hynix and Samsung, underscoring the strong institutional interest in the memory chip industry.