MU Extends Rally as DA Davidson Joins Deutsche Bank in $1,000 PT Club

Why the Bid Is Sticking

MU is up 5.89% over the past 21 hours and trading near $800.90 after tagging a fresh 52-week high of $815.19 intraday. What stands out is that this is the second leg of a two-day reversal — Tuesday's tape was rocked by reports that South Korea may impose a windfall profits tax on the cash semiconductor firms are pulling out of HBM contracts, and the bid has shrugged it off completely. Wednesday's volume printed roughly in line with the 53.6M-share daily average, so this isn't a thin-book squeeze. It's the Street stepping in front of the May 20 J.P. Morgan TMT appearance with conviction, and traders following them up the curve.

The $1,000 Club Just Got Bigger

DA Davidson's Gil Luria reiterated Buy on MU with a $1,000 price target on Wednesday, matching Deutsche Bank's Melissa Weathers, who took her target to a Street-high $1,000 the same week. Underneath them, Bank of America's Vivek Arya nearly doubled his target from $500 to $950 on Wednesday morning, citing an upgraded calendar-2030 AI data center systems TAM of roughly $1.7 trillion versus a prior $1.4 trillion. The composite picture is that the bull case has compressed: $1,000 is the new ceiling of consensus, not a left-tail outlier. Sentiment confirms the math — MU sits at a Strong Buy with 27 Buys and 3 Holds over the past three months and zero Sells.

What's Next: JPM TMT and Vera Rubin Volumes

Micron presents at the J.P. Morgan Global Technology, Media and Communications conference on May 20, the first live mic since the company confirmed mass production of HBM4 36GB 12H for NVIDIA's Vera Rubin platform at GTC and disclosed Q3 FY2026 guidance of $33.5B revenue and 81% gross margins. The supply backdrop is already locked — management said its entire calendar-2026 HBM supply is sold out on agreed price and volume, and the HBM TAM trajectory was raised to $100B by 2028, two years earlier than the prior outlook. Layer in Monday's 256GB DDR5-9200 RDIMM sampling on the 1-gamma node — the first server module rated above 9,000 MT/s — and you have the product, the supply, and the AI-server design wins all converging into the same week. The Korea windfall tax remains the primary overhang to track, but it has not been enough to reset the trend.